BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) Raised to Strong-Buy at Zacks Research

BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other brokerages have also weighed in on CALY. B. Riley Financial upgraded BlackRock Short-Term California Muni Bond ETF from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $11.00 to $19.00 in a research note on Thursday, January 22nd. KeyCorp upgraded 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. Finally, Truist Financial lifted their price objective on shares of BlackRock Short-Term California Muni Bond ETF from $12.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday, February 10th.

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

NASDAQ CALY opened at $13.44 on Monday. The firm has a market cap of $2.47 billion, a PE ratio of -42.00 and a beta of 0.96. The company has a 50 day moving average price of $34.00 and a 200 day moving average price of $44.73. BlackRock Short-Term California Muni Bond ETF has a 52 week low of $5.42 and a 52 week high of $16.65.

BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) last released its quarterly earnings results on Thursday, February 12th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.20. The firm had revenue of $367.50 million during the quarter, compared to analysts’ expectations of $785.31 million. BlackRock Short-Term California Muni Bond ETF’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.33) earnings per share.

Insider Transactions at BlackRock Short-Term California Muni Bond ETF

In other BlackRock Short-Term California Muni Bond ETF news, major shareholder Pep Tg Investments Gp Llc sold 10,000,000 shares of the business’s stock in a transaction dated 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 sale, the insider directly owned 11,175,226 shares in the company, valued at $164,275,822.20. This represents a 47.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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.