Blue Acquisition Corp/Cayman (NASDAQ:BACC) Sees Large Decline in Short Interest

Blue Acquisition Corp/Cayman (NASDAQ:BACC) was the recipient of a large decline in short interest in the month of May. As of May 29th, there was short interest totaling 4,291 shares, a decline of 35.0% from the May 14th total of 6,600 shares. Approximately 0.0% of the company’s shares are short sold. Based on an average daily trading volume, of 18,670 shares, the days-to-cover ratio is presently 0.2 days.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised Blue Acquisition Corp/Cayman from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has a consensus rating of “Sell”.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BACC. HRT Financial LP acquired a new position in shares of Blue Acquisition Corp/Cayman in the 4th quarter valued at about $318,000. MYDA Advisors LLC acquired a new position in shares of Blue Acquisition Corp/Cayman in the 4th quarter valued at about $756,000. Verition Fund Management LLC lifted its stake in shares of Blue Acquisition Corp/Cayman by 36.4% in the 4th quarter. Verition Fund Management LLC now owns 375,000 shares of the company’s stock valued at $3,829,000 after purchasing an additional 100,000 shares during the period. Alberta Investment Management Corp acquired a new position in shares of Blue Acquisition Corp/Cayman in the 4th quarter valued at about $7,147,000. Finally, Radcliffe Capital Management L.P. increased its position in Blue Acquisition Corp/Cayman by 9.4% in the 4th quarter. Radcliffe Capital Management L.P. now owns 524,100 shares of the company’s stock valued at $5,351,000 after buying an additional 44,880 shares in the last quarter.

Blue Acquisition Corp/Cayman Price Performance

Shares of NASDAQ:BACC traded down $0.03 during midday trading on Tuesday, reaching $10.45. The company’s stock had a trading volume of 916 shares, compared to its average volume of 59,814. The stock has a 50 day moving average of $10.35. Blue Acquisition Corp/Cayman has a fifty-two week low of $9.95 and a fifty-two week high of $10.50.

Blue Acquisition Corp/Cayman (NASDAQ:BACC) last announced its quarterly earnings data on Monday, May 11th. The company reported $0.07 earnings per share (EPS) for the quarter.

Blue Acquisition Corp/Cayman Company Profile

Blue Acquisition Corp/Cayman (NASDAQ: BACC) is a special purpose acquisition company (SPAC) organized as a Cayman Islands exempted company. As a blank-check vehicle, its primary business activity is to raise capital through its public listing and use those proceeds to identify, negotiate and complete a merger, acquisition, share exchange, asset acquisition, reorganization or similar business combination with one or more operating businesses.

Like other SPACs, Blue Acquisition typically holds the funds raised in trust pending the completion of a qualifying business combination and provides public investors with the opportunity to vote on proposed transactions and to seek redemption of their shares in accordance with the company’s governing documents.