BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) Sets New 1-Year High After Analyst Upgrade

BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) shares reached a new 52-week high during trading on Thursday after B. Riley upgraded the stock from a neutral rating to a buy rating. B. Riley now has a $19.00 price target on the stock, up from their previous price target of $11.00. BlackRock Short-Term California Muni Bond ETF traded as high as $16.65 and last traded at $15.90, with a volume of 2397689 shares trading hands. The stock had previously closed at $15.48.

A number of other equities analysts have also recently issued reports on the company. KeyCorp upgraded 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 report on Friday, January 16th. Zacks Research downgraded 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 stock has a 50-day moving average of $47.67 and a two-hundred day moving average of $49.53. The company has a market cap of $2.92 billion, a P/E ratio of -1.94 and a beta of 0.92.

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.