BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) Shares Gap Down – Here’s What Happened

BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) gapped down prior to trading on Friday . The stock had previously closed at $14.82, but opened at $13.26. BlackRock Short-Term California Muni Bond ETF shares last traded at $13.13, with a volume of 1,000,977 shares changing hands.

Analysts Set New Price Targets

Several analysts have commented on CALY shares. B. Riley Financial upgraded shares of BlackRock Short-Term California Muni Bond ETF from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $11.00 to $19.00 in a research note on Thursday, January 22nd. 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 report on Friday, January 16th. Truist Financial upped their target price on BlackRock Short-Term California Muni Bond ETF from $12.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday, February 10th. Finally, Zacks Research lowered 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 Stock Performance

The company has a market cap of $2.32 billion, a price-to-earnings ratio of -1.54 and a beta of 0.96. The firm’s 50 day simple moving average is $35.50 and its 200-day simple moving average is $45.30.

BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) last released its earnings results on Thursday, February 12th. The company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.20. The business had revenue of $367.50 million during the quarter, compared to analysts’ expectations of $785.31 million. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period last year, the business earned ($0.33) earnings per share.

Insider Activity

In other news, major shareholder Pep Tg Investments Gp Llc sold 10,000,000 shares of the business’s stock in a transaction dated 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 transaction, the insider owned 11,175,226 shares of the company’s stock, valued at approximately $164,275,822.20. The trade was a 47.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.49% of the stock is owned by company 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.