Blue Acquisition Corp/Cayman (NASDAQ:BACC) Sees Large Decline in Short Interest

Blue Acquisition Corp/Cayman (NASDAQ:BACC) saw a large drop in short interest during the month of May. As of May 29th, there was short interest totaling 4,291 shares, a drop of 35.0% from the May 14th total of 6,600 shares. Based on an average daily volume of 18,670 shares, the short-interest ratio is presently 0.2 days. Approximately 0.0% of the shares of the stock are sold short.

Institutional Investors Weigh In On Blue Acquisition Corp/Cayman

Hedge funds have recently modified their holdings of the company. MYDA Advisors LLC acquired a new position in Blue Acquisition Corp/Cayman during the 4th quarter worth about $756,000. Stoic Point Capital Management LLC acquired a new position in Blue Acquisition Corp/Cayman during the 4th quarter worth about $255,000. Toronto Dominion Bank lifted its holdings in Blue Acquisition Corp/Cayman by 2.1% during the 4th quarter. Toronto Dominion Bank now owns 300,500 shares of the company’s stock worth $3,068,000 after buying an additional 6,100 shares during the period. Readystate Asset Management LP acquired a new position in Blue Acquisition Corp/Cayman during the 4th quarter worth about $1,532,000. Finally, Boothbay Fund Management LLC acquired a new position in Blue Acquisition Corp/Cayman during the 4th quarter worth about $464,000.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded Blue Acquisition Corp/Cayman from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, May 1st. One research analyst has rated the stock with a Sell rating, According to MarketBeat, Blue Acquisition Corp/Cayman presently has an average rating of “Sell”.

Blue Acquisition Corp/Cayman Stock Down 0.3%

Shares of NASDAQ BACC traded down $0.03 during mid-day trading on Tuesday, hitting $10.45. 916 shares of the stock traded hands, compared to its average volume of 59,814. Blue Acquisition Corp/Cayman has a twelve month low of $9.95 and a twelve month high of $10.50. The firm’s 50 day simple moving average is $10.35.

Blue Acquisition Corp/Cayman (NASDAQ:BACC) last released its quarterly earnings data on Monday, May 11th. The company reported $0.07 earnings per share for the quarter.

Blue Acquisition Corp/Cayman Company Profile

Blue Acquisition Corp/Cayman (NASDAQ: BACC) is a special purpose acquisition company (SPAC) organized as a Cayman Islands exempted company. As a blank-check vehicle, its primary business activity is to raise capital through its public listing and use those proceeds to identify, negotiate and complete a merger, acquisition, share exchange, asset acquisition, reorganization or similar business combination with one or more operating businesses.

Like other SPACs, Blue Acquisition typically holds the funds raised in trust pending the completion of a qualifying business combination and provides public investors with the opportunity to vote on proposed transactions and to seek redemption of their shares in accordance with the company’s governing documents.