BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) Issues Quarterly Earnings Results

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

BlackRock Short-Term California Muni Bond ETF Trading Down 15.0%

CALY opened at $12.59 on Friday. BlackRock Short-Term California Muni Bond ETF has a 12 month low of $5.42 and a 12 month high of $16.65. The business’s 50-day moving average price is $35.50 and its 200-day moving average price is $45.33. The company has a market cap of $2.32 billion, a P/E ratio of -1.54 and a beta of 0.96.

Insiders Place Their Bets

In other BlackRock Short-Term California Muni Bond ETF news, major shareholder Pep Tg Investments Gp Llc sold 10,000,000 shares of the company’s stock in a transaction on Tuesday, January 27th. The stock was 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 $164,275,822.20. This represents a 47.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.49% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

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