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

BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY)’s share price rose 5.9% during mid-day trading 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. Approximately 472,376 shares traded hands during trading, a decline of 86% from the average daily volume of 3,279,874 shares. The stock had previously closed at $12.59.

A number of other equities analysts have also recently issued reports on the company. 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 on the stock in a report on Friday, January 16th. B. Riley Financial upgraded shares of BlackRock Short-Term California Muni Bond ETF from a “neutral” rating to a “buy” rating and boosted their target price for the company from $11.00 to $19.00 in a research report on Thursday, January 22nd. Finally, Truist Financial raised their price target on shares of BlackRock Short-Term California Muni Bond ETF from $12.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, February 10th.

Insider Buying and Selling

In other BlackRock Short-Term California Muni Bond ETF news, Director Erik J. Anderson sold 40,000 shares of the firm’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $13.43, for a total transaction of $537,200.00. Following the transaction, the director directly owned 720,459 shares in the company, valued at approximately $9,675,764.37. This trade represents a 5.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Pep Tg Investments Gp Llc sold 10,000,000 shares of BlackRock Short-Term California Muni Bond ETF stock in a transaction on Tuesday, January 27th. The stock was sold at an average price of $14.70, for a total transaction of $147,000,000.00. Following the transaction, the insider directly owned 11,175,226 shares in the company, valued at $164,275,822.20. This represents a 47.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 10,070,000 shares of company stock worth $147,949,800 in the last 90 days. Corporate insiders own 2.49% of the company’s stock.

BlackRock Short-Term California Muni Bond ETF Stock Performance

The stock has a 50 day moving average price of $33.26 and a 200 day moving average price of $44.52. The company has a market capitalization of $2.57 billion, a P/E ratio of -43.75 and a beta of 0.96.

BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) last posted its quarterly earnings results on Thursday, February 12th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.45) by $0.20. The company 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 quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company 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.