Wall Street Zen Upgrades Blue Acquisition Corp/Cayman (NASDAQ:BACC) to Hold

Blue Acquisition Corp/Cayman (NASDAQ:BACC) was upgraded by Wall Street Zen to a “hold” rating in a report released on Saturday.

Several other equities research analysts have also commented on BACC. Odeon Capital Group upgraded shares of Blue Acquisition Corp/Cayman to a “strong-buy” rating in a research report on Wednesday, July 8th. Weiss Ratings upgraded shares of Blue Acquisition Corp/Cayman from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy”.

Blue Acquisition Corp/Cayman Stock Performance

BACC opened at $10.46 on Friday. Blue Acquisition Corp/Cayman has a 1-year low of $9.95 and a 1-year high of $11.10. The stock has a 50 day moving average price of $10.54.

Blue Acquisition Corp/Cayman (NASDAQ:BACC) last posted its earnings results on Monday, May 11th. The company reported $0.07 EPS for the quarter.

Hedge Funds Weigh In On Blue Acquisition Corp/Cayman

A number of institutional investors have recently made changes to their positions in BACC. Toronto Dominion Bank grew its stake in shares of Blue Acquisition Corp/Cayman by 2.1% during the 4th quarter. Toronto Dominion Bank now owns 300,500 shares of the company’s stock valued at $3,068,000 after buying an additional 6,100 shares during the period. Meteora Capital LLC purchased a new position in shares of Blue Acquisition Corp/Cayman in the 4th quarter worth $136,000. Stoic Point Capital Management LLC acquired a new position in Blue Acquisition Corp/Cayman in the fourth quarter valued at $255,000. HRT Financial LP acquired a new position in Blue Acquisition Corp/Cayman in the fourth quarter valued at $318,000. Finally, Heights Capital Management Inc. purchased a new stake in Blue Acquisition Corp/Cayman during the fourth quarter valued at about $342,000.

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.