Blue Acquisition Corp/Cayman (NASDAQ:BACC) Shares Up 0.1% – Here’s What Happened

Blue Acquisition Corp/Cayman (NASDAQ:BACC)’s share price shot up 0.1% during mid-day trading on Tuesday. The company traded as high as $10.50 and last traded at $10.49. 321 shares changed hands during mid-day trading, a decline of 100% from the average daily volume of 116,112 shares. The stock had previously closed at $10.48.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on BACC shares. Wall Street Zen upgraded shares of Blue Acquisition Corp/Cayman to a “hold” rating in a research report on Saturday, July 25th. Weiss Ratings upgraded shares of Blue Acquisition Corp/Cayman from a “sell (d-)” rating to a “sell (d)” rating in a research report on Tuesday, September 1st. Finally, Odeon Capital Group raised shares of Blue Acquisition Corp/Cayman to a “strong-buy” rating in a research note on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy”.

Blue Acquisition Corp/Cayman Price Performance

The stock has a 50-day simple moving average of $10.51 and a 200 day simple moving average of $10.44.

Blue Acquisition Corp/Cayman (NASDAQ:BACC) last released its earnings results on Tuesday, August 11th. The company reported $0.06 EPS for the quarter.

Institutional Trading of Blue Acquisition Corp/Cayman

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BACC. Sona Asset Management US LLC lifted its position in Blue Acquisition Corp/Cayman by 70.5% during the 1st quarter. Sona Asset Management US LLC now owns 3,342,359 shares of the company’s stock valued at $34,125,000 after purchasing an additional 1,382,174 shares during the period. Harraden Circle Investments LLC bought a new position in shares of Blue Acquisition Corp/Cayman in the 2nd quarter valued at about $11,286,000. Berkley W R Corp grew its position in shares of Blue Acquisition Corp/Cayman by 40.6% during the 1st quarter. Berkley W R Corp now owns 441,650 shares of the company’s stock worth $4,509,000 after buying an additional 127,428 shares during the period. Lineage Point Capital LP acquired a new stake in shares of Blue Acquisition Corp/Cayman during the 4th quarter worth approximately $4,404,000. Finally, MYDA Advisors LLC bought a new stake in shares of Blue Acquisition Corp/Cayman during the fourth quarter worth approximately $756,000.

About Blue Acquisition Corp/Cayman

Blue Acquisition Corp. is a Cayman Islands-incorporated special purpose acquisition company (SPAC) that was formed to identify and complete a business combination with an operating company or other business. Its potential transaction may take the form of a merger, share exchange, asset acquisition, reorganization or similar corporate combination.

As a SPAC, Blue Acquisition Corp. does not operate a traditional business and does not manufacture products or provide services to customers.