Blue Acquisition Corp/Cayman (NASDAQ:BACC) Upgraded by Odean Cap Resea to “Strong-Buy” Rating

Odean Cap Resea upgraded shares of Blue Acquisition Corp/Cayman (NASDAQ:BACC) to a strong-buy rating in a research note released on Wednesday morning,Zacks.com reports.

Separately, Weiss Ratings raised shares of Blue Acquisition Corp/Cayman from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Blue Acquisition Corp/Cayman presently has an average rating of “Moderate Buy”.

Blue Acquisition Corp/Cayman Trading Down 0.4%

Shares of NASDAQ:BACC traded down $0.04 on Wednesday, hitting $11.02. 65,226 shares of the company were exchanged, compared to its average volume of 320,543. 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 $10.50.

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

Institutional Trading of Blue Acquisition Corp/Cayman

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Lineage Point Capital LP purchased a new stake in shares of Blue Acquisition Corp/Cayman during the 4th quarter worth about $4,404,000. Governors Lane LP grew its position in shares of Blue Acquisition Corp/Cayman by 50.0% during the 4th quarter. Governors Lane LP now owns 300,000 shares of the company’s stock valued at $3,063,000 after acquiring an additional 100,000 shares during the period. Alberta Investment Management Corp purchased a new position in shares of Blue Acquisition Corp/Cayman in the 4th quarter valued at about $7,147,000. MYDA Advisors LLC acquired a new position in shares of Blue Acquisition Corp/Cayman during the 4th quarter worth approximately $756,000. Finally, Verition Fund Management LLC lifted its position in shares of Blue Acquisition Corp/Cayman by 36.4% during the 4th quarter. Verition Fund Management LLC now owns 375,000 shares of the company’s stock valued at $3,829,000 after buying an additional 100,000 shares in the last quarter.

About Blue Acquisition Corp/Cayman

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.