JPMorgan Chase & Co. Has Lowered Expectations for BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) Stock Price

BlackRock Short-Term California Muni Bond ETF (NASDAQ:CALY) had its price objective cut by equities researchers at JPMorgan Chase & Co. from $16.00 to $15.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 7.14% from the company’s current price.

Several other equities analysts also recently commented on CALY. KeyCorp raised 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 report on Friday, January 16th. Zacks Research raised BlackRock Short-Term California Muni Bond ETF from a “hold” rating to a “strong-buy” rating in a report on Monday. Truist Financial increased their price objective on BlackRock Short-Term California Muni Bond ETF from $12.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, February 10th. Finally, B. Riley Financial raised BlackRock Short-Term California Muni Bond ETF from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $11.00 to $19.00 in a report on Thursday, January 22nd.

BlackRock Short-Term California Muni Bond ETF Price Performance

NASDAQ:CALY opened at $14.00 on Wednesday. The company has a market cap of $2.57 billion, a P/E ratio of -43.75 and a beta of 0.96. The firm’s fifty day moving average price is $32.53 and its two-hundred day moving average price is $44.30. BlackRock Short-Term California Muni Bond ETF has a one year low of $5.42 and a one year high of $16.65.

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 analysts’ consensus estimates of ($0.45) by $0.20. The company had revenue of $367.50 million for the quarter, compared to analyst estimates of $785.31 million. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.33) EPS.

Insider Transactions at BlackRock Short-Term California Muni Bond ETF

In other BlackRock Short-Term California Muni Bond ETF news, major shareholder Pep Tg Investments Gp Llc sold 10,000,000 shares of the business’s stock in a transaction dated 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 owned 11,175,226 shares of the company’s stock, valued at approximately $164,275,822.20. The trade was 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. Also, Director Erik J. Anderson sold 40,000 shares of the stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $13.43, for a total transaction of $537,200.00. Following the completion of the transaction, the director directly owned 720,459 shares of the company’s stock, valued at $9,675,764.37. This trade represents a 5.26% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 10,070,000 shares of company stock worth $147,949,800. Company insiders own 2.49% of the company’s stock.

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.