Blue Acquisition Corp/Cayman (NASDAQ:BACC) Posts Earnings Results

Blue Acquisition Corp/Cayman (NASDAQ:BACC) released its earnings results on Tuesday. The company reported $0.06 earnings per share (EPS) for the quarter, FiscalAI reports.

Blue Acquisition Corp/Cayman Price Performance

NASDAQ BACC traded up $0.07 on Tuesday, reaching $10.52. 808 shares of the company’s stock traded hands, compared to its average volume of 109,713. Blue Acquisition Corp/Cayman has a fifty-two week low of $9.95 and a fifty-two week high of $11.10. The business has a 50 day moving average of $10.56.

Analysts Set New Price Targets

A number of analysts have commented on BACC shares. Odeon Capital Group raised Blue Acquisition Corp/Cayman to a “strong-buy” rating in a research report on Wednesday, July 8th. Wall Street Zen raised Blue Acquisition Corp/Cayman to a “hold” rating in a report on Saturday, July 25th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Blue Acquisition Corp/Cayman in a research note on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Blue Acquisition Corp/Cayman presently has a consensus rating of “Moderate Buy”.

Hedge Funds Weigh In On Blue Acquisition Corp/Cayman

A number of institutional investors have recently modified their holdings of the stock. Sona Asset Management US LLC acquired a new stake in Blue Acquisition Corp/Cayman during the fourth quarter worth about $20,013,000. Alberta Investment Management Corp purchased a new stake in Blue Acquisition Corp/Cayman during the fourth quarter worth $7,147,000. Lineage Point Capital LP acquired a new stake in Blue Acquisition Corp/Cayman during the fourth quarter valued at $4,404,000. Readystate Asset Management LP acquired a new stake in Blue Acquisition Corp/Cayman during the fourth quarter valued at $1,532,000. Finally, Berkley W R Corp increased its holdings in Blue Acquisition Corp/Cayman by 40.6% in the first quarter. Berkley W R Corp now owns 441,650 shares of the company’s stock valued at $4,509,000 after buying an additional 127,428 shares in the last quarter.

Blue Acquisition Corp/Cayman Company Profile

Blue Acquisition Corp/Cayman (NASDAQ: BACC) is a special purpose acquisition company (SPAC) organized as a Cayman Islands exempted company. As a blank-check vehicle, its primary business activity is to raise capital through its public listing and use those proceeds to identify, negotiate and complete a merger, acquisition, share exchange, asset acquisition, reorganization or similar business combination with one or more operating businesses.

Like other SPACs, Blue Acquisition typically holds the funds raised in trust pending the completion of a qualifying business combination and provides public investors with the opportunity to vote on proposed transactions and to seek redemption of their shares in accordance with the company’s governing documents.