BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) Shares Gap Down – Here’s Why

BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $14.82, but opened at $13.26. BlackRock Short-Term California Muni Bond ETF shares last traded at $13.13, with a volume of 1,000,977 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CALY. Truist Financial lifted their price objective on shares of BlackRock Short-Term California Muni Bond ETF from $12.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday. Zacks Research cut BlackRock Short-Term California Muni Bond ETF from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. B. Riley Financial upgraded BlackRock Short-Term California Muni Bond ETF from a “neutral” rating to a “buy” rating and boosted their price target for the company from $11.00 to $19.00 in a research note on Thursday, January 22nd. Finally, KeyCorp upgraded BlackRock Short-Term California Muni Bond ETF from a “sector weight” rating to an “overweight” rating and set a $17.00 price objective for the company in a research note on Friday, January 16th.

BlackRock Short-Term California Muni Bond ETF Stock Down 14.1%

The company’s 50-day moving average is $36.26 and its 200 day moving average is $45.60. The company has a market cap of $2.34 billion, a price-to-earnings ratio of -1.55 and a beta of 0.96.

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

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 company’s 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 $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 available through this link. 2.49% of the stock is owned by company insiders.

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.