BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) Stock Rating Upgraded by Zacks Research

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

A number of other brokerages have also recently weighed in on CALY. Truist Financial boosted 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 research report on Tuesday, February 10th. KeyCorp upgraded 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 research note on Friday, January 16th. Finally, B. Riley Financial upgraded BlackRock Short-Term California Muni Bond ETF from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $11.00 to $19.00 in a research note on Thursday, January 22nd.

BlackRock Short-Term California Muni Bond ETF Stock Performance

Shares of NASDAQ CALY opened at $13.44 on Monday. The stock’s 50-day simple moving average is $34.00 and its 200-day simple moving average is $44.73. The firm has a market capitalization of $2.47 billion, a PE ratio of -42.00 and a beta of 0.96. BlackRock Short-Term California Muni Bond ETF has a fifty-two week low of $5.42 and a fifty-two week high of $16.65.

BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) last announced its quarterly earnings results on Thursday, February 12th. The company reported ($0.25) 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 analysts’ expectations of $785.31 million. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.33) earnings per share.

Insider Transactions 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 that occurred on Tuesday, January 27th. The stock was sold at an average price of $14.70, for a total transaction of $147,000,000.00. Following the completion of the transaction, 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.49% of the stock is owned by corporate insiders.

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.