BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) Upgraded at Zacks Research

Zacks Research upgraded shares of BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) from a hold rating to a strong-buy rating in a research report released on Monday,Zacks.com reports.

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

BlackRock Short-Term California Muni Bond ETF Stock Performance

Shares of CALY stock opened at $13.49 on Monday. BlackRock Short-Term California Muni Bond ETF has a 52 week low of $5.42 and a 52 week high of $16.65. The company’s 50 day moving average price is $33.26 and its two-hundred day moving average price is $44.52. The company has a market capitalization of $2.48 billion, a P/E ratio of -42.16 and a beta of 0.96.

BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) last issued its quarterly earnings data on Thursday, February 12th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping 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. The firm’s revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the company earned ($0.33) EPS.

Insider Buying and Selling at BlackRock Short-Term California Muni Bond ETF

In other news, major shareholder Pep Tg Investments Gp Llc sold 10,000,000 shares of the company’s stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $14.70, for a total value of $147,000,000.00. Following the sale, the insider directly owned 11,175,226 shares of the company’s stock, valued at approximately $164,275,822.20. This represents a 47.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.49% of the stock is owned by corporate insiders.

About BlackRock Short-Term California Muni Bond ETF

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.