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

BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) shares traded 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.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Truist Financial increased 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 report on Tuesday, February 10th. Zacks Research cut shares of BlackRock Short-Term California Muni Bond ETF from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. B. Riley Financial raised BlackRock Short-Term California Muni Bond ETF from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $11.00 to $19.00 in a research report on Thursday, January 22nd. Finally, KeyCorp raised BlackRock Short-Term California Muni Bond ETF from a “sector weight” rating to an “overweight” rating and set a $17.00 target price on the stock in a research report on Friday, January 16th.

BlackRock Short-Term California Muni Bond ETF Stock Up 6.8%

The stock has a fifty day moving average of $34.74 and a 200-day moving average of $45.00. The stock has a market capitalization 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 released its quarterly earnings data on Thursday, February 12th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.20. The company had revenue of $367.50 million during the quarter, compared to analyst estimates of $785.31 million. The business’s revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.33) EPS.

Insider Buying and Selling

In other news, major shareholder Pep Tg Investments Gp Llc sold 10,000,000 shares of the company’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 completion of the sale, the insider directly owned 11,175,226 shares of the company’s stock, valued at approximately $164,275,822.20. This represents a 47.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.49% of the company’s stock.

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.