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

BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) posted its quarterly earnings data on Thursday. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.20, Briefing.com reports. The firm had revenue of $367.50 million for the quarter, compared to analyst estimates of $785.31 million. During the same quarter last year, the company earned ($0.33) earnings per share. The company’s quarterly revenue was down 1.1% compared to the same quarter last year.

BlackRock Short-Term California Muni Bond ETF Price Performance

Shares of NASDAQ CALY opened at $14.74 on Friday. The company has a 50-day moving average price of $36.26 and a 200-day moving average price of $45.60. The stock has a market capitalization of $2.71 billion, a P/E ratio of -1.80 and a beta of 0.96. BlackRock Short-Term California Muni Bond ETF has a 1 year low of $5.42 and a 1 year high of $16.65.

Insider Buying and Selling at BlackRock Short-Term California Muni Bond ETF

In related news, major shareholder Pep Tg Investments Gp Llc sold 10,000,000 shares of the firm’s stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $14.70, for a total value 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. This trade represents a 47.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.49% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on CALY shares. Zacks Research downgraded BlackRock Short-Term California Muni Bond ETF from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. B. Riley Financial upgraded BlackRock Short-Term California Muni Bond ETF from a “neutral” rating to a “buy” rating and upped their target price for the company from $11.00 to $19.00 in a research report on Thursday, January 22nd. Truist Financial raised 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. Finally, 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 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.