BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) Hits New 52-Week High After Analyst Upgrade

BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY)’s share price hit a new 52-week high during trading on Thursday after B. Riley upgraded the stock from a neutral rating to a buy rating. B. Riley now has a $19.00 price target on the stock, up from their previous price target of $11.00. BlackRock Short-Term California Muni Bond ETF traded as high as $16.65 and last traded at $15.90, with a volume of 2397689 shares. The stock had previously closed at $15.48.

Several other research firms have also issued reports on CALY. Zacks Research lowered shares of BlackRock Short-Term California Muni Bond ETF from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. 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 on the stock in a research note on Friday, January 16th.

BlackRock Short-Term California Muni Bond ETF Stock Performance

The business’s 50 day moving average is $46.28 and its 200-day moving average is $49.06. The stock has a market cap of $2.87 billion, a price-to-earnings ratio of -1.91 and a beta of 0.92.

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.