BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) Shares Up 5.9% – What’s Next?

BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY)’s stock price shot up 5.9% during trading on Tuesday . The stock traded as high as $13.49 and last traded at $13.33. 472,376 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 3,279,874 shares. The stock had previously closed at $12.59.

Wall Street Analysts Forecast Growth

CALY has been the subject of several research analyst reports. B. Riley Financial upgraded BlackRock Short-Term California Muni Bond ETF from a “neutral” rating to a “buy” rating and increased their target price for the stock from $11.00 to $19.00 in a research report 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 objective for the company in a research note on Friday, January 16th. Truist Financial boosted 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, Zacks Research lowered shares of BlackRock Short-Term California Muni Bond ETF from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th.

BlackRock Short-Term California Muni Bond ETF Price Performance

The company’s fifty day moving average price is $34.74 and its 200-day moving average price is $45.00. The stock has a market cap of $2.47 billion, a price-to-earnings ratio of -42.00 and a beta of 0.96.

BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) last announced its quarterly earnings data on Thursday, February 12th. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.20. The company had revenue of $367.50 million for the quarter, compared to analysts’ expectations 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 period last year, the firm earned ($0.33) earnings per share.

Insider Buying and Selling

In other BlackRock Short-Term California Muni Bond ETF news, major shareholder Pep Tg Investments Gp Llc sold 10,000,000 shares of BlackRock Short-Term California Muni Bond ETF 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 sale, the insider directly owned 11,175,226 shares in the company, 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 is accessible through the SEC website. 2.49% of the stock is currently owned by corporate insiders.

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.