Is This Stock a Buy After Falling 65% in a Year?

Carnival (NYSE: CCL) fought hard to survive the pandemic, but Wall Street has rewarded the stock with a brutal 65% haircut over the past year. Should investors buy Carnival stock while the cruise industry is still navigating troubled waters? Carnival's operations and stock went through the wringer during the pandemic; an isolated space such as a cruise ship is arguably the best environment for a virus to do its worst, so the business virtually shut down throughout the pandemic to avoid spreading the contagious virus.