BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) Shares Gap Down – Time to Sell?

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 trading hands.

Analyst Ratings Changes

CALY has been the topic of several recent analyst reports. Truist Financial increased their price target on BlackRock Short-Term California Muni Bond ETF from $12.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday. B. Riley Financial upgraded BlackRock Short-Term California Muni Bond ETF from a “neutral” rating to a “buy” rating and increased their target price for the stock from $11.00 to $19.00 in a research note on Thursday, January 22nd. KeyCorp upgraded BlackRock Short-Term California Muni Bond ETF from a “sector weight” rating to an “overweight” rating and set a $17.00 target price for the company in a research report on Friday, January 16th. Finally, Zacks Research lowered shares of BlackRock Short-Term California Muni Bond ETF from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th.

BlackRock Short-Term California Muni Bond ETF Price Performance

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

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

Insider Buying and Selling

In other BlackRock Short-Term California Muni Bond ETF news, major shareholder Pep Tg Investments Gp Llc sold 10,000,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, the insider owned 11,175,226 shares of the company’s stock, valued at approximately $164,275,822.20. This trade represents a 47.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.49% of the company’s stock.

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.