Blue Acquisition Corp/Cayman (NASDAQ:BACC) Sees Significant Decline in Short Interest

Blue Acquisition Corp/Cayman (NASDAQ:BACC) was the recipient of a large decline in short interest during the month of October. As of October 15th, there was short interest totaling 40 shares, a decline of 97.8% from the September 30th total of 1,836 shares. Currently, 0.0% of the company’s stock are short sold. Based on an average daily volume of 148,103 shares, the days-to-cover ratio is currently 0.0 days.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BACC. Odeon Capital Group upgraded Blue Acquisition Corp/Cayman to a “strong-buy” rating in a research note on Wednesday, July 8th. Wall Street Zen raised shares of Blue Acquisition Corp/Cayman to a “hold” rating in a research note on Saturday, July 25th. Finally, Weiss Ratings upgraded shares of Blue Acquisition Corp/Cayman from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, September 1st. One research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Blue Acquisition Corp/Cayman presently has an average rating of “Moderate Buy”.

Institutional Trading of Blue Acquisition Corp/Cayman

Hedge funds and other institutional investors have recently modified their holdings of the stock. Sona Asset Management US LLC raised its holdings in Blue Acquisition Corp/Cayman by 70.5% in the 1st quarter. Sona Asset Management US LLC now owns 3,342,359 shares of the company’s stock valued at $34,125,000 after acquiring an additional 1,382,174 shares during the period. Harraden Circle Investments LLC bought a new stake in shares of Blue Acquisition Corp/Cayman during the second quarter worth approximately $11,286,000. Finally, Berkley W R Corp boosted its holdings in shares of Blue Acquisition Corp/Cayman by 40.6% during the first quarter. Berkley W R Corp now owns 441,650 shares of the company’s stock worth $4,509,000 after acquiring an additional 127,428 shares during the period.

Blue Acquisition Corp/Cayman Stock Performance

BACC opened at $10.46 on Tuesday. Blue Acquisition Corp/Cayman has a 1-year low of $10.00 and a 1-year high of $11.10. The stock’s fifty day simple moving average is $10.49 and its 200 day simple moving average is $10.40.

Blue Acquisition Corp/Cayman (NASDAQ:BACC) last announced its quarterly earnings results on Tuesday, August 11th. The company reported $0.06 earnings per share (EPS) for the quarter.

Blue Acquisition Corp/Cayman Company Profile

Blue Acquisition Corp. is a Cayman Islands-incorporated special purpose acquisition company (SPAC) that was formed to pursue a business combination with one or more operating companies. Its potential transaction structures may include a merger, share exchange, asset acquisition, share purchase, reorganization or similar corporate combination.

As a blank-check company, Blue Acquisition Corp. does not have significant operating activities, products or services of its own. Its principal activities consist of organizational work, raising capital and identifying a suitable acquisition target.

The company’s operations are focused on evaluating opportunities that could provide access to a business or assets through a future transaction.