BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) Announces Earnings Results, Beats Estimates By $0.20 EPS

BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) released its earnings results on Thursday. The company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.20, Briefing.com reports. During the same period in the previous year, the business posted ($0.33) earnings per share. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year.

BlackRock Short-Term California Muni Bond ETF Price Performance

Shares of CALY stock traded down $0.32 during mid-day trading on Thursday, hitting $14.74. 5,559,343 shares of the stock traded hands, compared to its average volume of 3,178,995. BlackRock Short-Term California Muni Bond ETF has a 52-week low of $5.42 and a 52-week high of $16.65. The stock has a market cap of $2.71 billion, a P/E ratio of -1.80 and a beta of 0.96. The stock’s fifty day moving average is $36.97 and its two-hundred day moving average is $45.81.

Insider Activity

In related news, major shareholder Pep Tg Investments Gp Llc sold 10,000,000 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the insider owned 11,175,226 shares in the company, valued at $164,275,822.20. The trade was a 47.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.49% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. B. Riley Financial upgraded shares of 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 report on Thursday, January 22nd. Zacks Research cut shares of BlackRock Short-Term California Muni Bond ETF from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Truist Financial upped their target price 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 research note on Tuesday. Finally, KeyCorp raised shares of 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 research note on Friday, January 16th.

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.