BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) Trading Up 5.9% Following Analyst Upgrade

BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) traded up 5.9% on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $13.49 and last traded at $13.33. 472,376 shares were traded during trading, a decline of 86% from the average session volume of 3,279,874 shares. The stock had previously closed at $12.59.

A number of other equities research analysts have also weighed in on CALY. Truist Financial lifted their price objective on BlackRock Short-Term California Muni Bond ETF from $12.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, February 10th. KeyCorp upgraded BlackRock Short-Term California Muni Bond ETF from a “sector weight” rating to an “overweight” rating and set a $17.00 price target for the company in a report on Friday, January 16th. Finally, B. Riley Financial upgraded BlackRock Short-Term California Muni Bond ETF from a “neutral” rating to a “buy” rating and lifted their target price for the company from $11.00 to $19.00 in a report on Thursday, January 22nd.

Insiders Place Their Bets

In related news, 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 stock was sold at an average price of $14.70, for a total value 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. The trade was a 47.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Erik J. Anderson sold 10,000 shares of the firm’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $13.98, for a total value of $139,800.00. Following the completion of the sale, the director owned 690,459 shares of the company’s stock, valued at approximately $9,652,616.82. This trade represents a 1.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 10,070,000 shares of company stock valued at $147,949,800 in the last three months. Company insiders own 2.49% of the company’s stock.

BlackRock Short-Term California Muni Bond ETF Stock Up 3.8%

The firm has a market cap of $2.57 billion, a P/E ratio of -43.75 and a beta of 0.96. The firm’s 50-day simple moving average is $33.26 and its 200 day simple moving average is $44.52.

BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) last released its earnings results on Thursday, February 12th. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.20. The business had revenue of $367.50 million for the quarter, compared to the consensus estimate of $785.31 million. BlackRock Short-Term California Muni Bond ETF’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the prior year, the business posted ($0.33) EPS.

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.