JPMorgan Chase & Co. Cuts BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) Price Target to $15.00

BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) had its price objective decreased by JPMorgan Chase & Co. from $16.00 to $15.00 in a research report sent to investors on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

A number of other brokerages have also issued reports on CALY. Truist Financial boosted 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 report on Tuesday, February 10th. B. Riley Financial upgraded shares of BlackRock Short-Term California Muni Bond ETF from a “neutral” rating to a “buy” rating and raised their target price for the stock from $11.00 to $19.00 in a report on Thursday, January 22nd. KeyCorp upgraded shares of 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 report on Friday, January 16th. Finally, Zacks Research upgraded shares of BlackRock Short-Term California Muni Bond ETF from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 16th.

BlackRock Short-Term California Muni Bond ETF Trading Up 3.8%

Shares of BlackRock Short-Term California Muni Bond ETF stock opened at $14.60 on Wednesday. BlackRock Short-Term California Muni Bond ETF has a 52 week low of $5.42 and a 52 week high of $16.65. The stock has a market cap of $2.68 billion, a PE ratio of -45.63 and a beta of 0.96. The company’s 50-day moving average price is $31.81 and its two-hundred day moving average price is $44.06.

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

Insider Activity at BlackRock Short-Term California Muni Bond ETF

In other news, major shareholder Pep Tg Investments Gp Llc sold 10,000,000 shares of the stock in a transaction on 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 transaction, the insider owned 11,175,226 shares in the company, valued at $164,275,822.20. This represents a 47.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Erik J. Anderson sold 40,000 shares of the company’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $13.43, for a total transaction of $537,200.00. Following the completion of the sale, the director owned 720,459 shares of the company’s stock, valued at $9,675,764.37. This represents a 5.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 10,070,000 shares of company stock worth $147,949,800. Insiders own 2.49% of the company’s stock.

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.