Insider Selling: BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) Major Shareholder Sells 10,000,000 Shares of Stock

BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) major shareholder Pep Tg Investments Gp Llc sold 10,000,000 shares of the business’s stock in a transaction on Tuesday, January 27th. The shares were sold at an average price of $14.70, for a total transaction of $147,000,000.00. Following the sale, the insider owned 11,175,226 shares of the company’s stock, valued at $164,275,822.20. This trade represents a 47.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

BlackRock Short-Term California Muni Bond ETF Price Performance

Shares of NASDAQ CALY traded down $0.16 during mid-day trading on Wednesday, reaching $14.84. 2,706,562 shares of the company’s stock traded hands, compared to its average volume of 3,190,442. The business has a 50-day simple moving average of $44.87 and a 200 day simple moving average of $48.55. The stock has a market cap of $2.73 billion, a P/E ratio of -1.81 and a beta of 0.92. BlackRock Short-Term California Muni Bond ETF has a 1-year low of $5.42 and a 1-year high of $16.65.

Wall Street Analyst Weigh In

CALY has been the subject of several recent analyst reports. B. Riley upgraded shares of BlackRock Short-Term California Muni Bond ETF from a “neutral” rating to a “buy” rating and upped their target price for the stock from $11.00 to $19.00 in a research note on Thursday, January 22nd. KeyCorp raised shares of BlackRock Short-Term California Muni Bond ETF from a “sector weight” rating to an “overweight” rating and set a $17.00 target price on the stock in a research report on Friday, January 16th. Finally, Zacks Research downgraded BlackRock Short-Term California Muni Bond ETF from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th.

BlackRock Short-Term California Muni Bond ETF Company Profile

The BlackRock Short-Term California Muni Bond ETF (CALY) is an exchange-traded fund that mostly invests in investment grade fixed income. The fund is an actively managed fund that primarily invests in municipal securities exempt from federal income taxes. It will hold short-term, investment grade Muni bonds issued in California while aiming for an effective portfolio duration equal to or less than 1.5 years. CALY was launched on Jul 11, 2023 and is issued by BlackRock.