Blue Acquisition Corp/Cayman (NASDAQ:BACC) Trading 0.6% Higher - What's Next?

Key Points

• Blue Acquisition Corp/Cayman (NASDAQ:BACC) traded up 0.6% to $10.34 on Tuesday with roughly 28,927 shares changing hands, near its 50-day simple moving average of $10.21.
• The stock carries a consensus "Sell" rating; Weiss Ratings moved its grade from "sell (e+)" to "sell (d-)" and one analyst currently lists the stock as Sell.
• Institutional activity: Toronto Dominion Bank raised its stake to 300,500 shares (about $3.07M), and several funds (Meteora Capital, Stoic Point, HRT Financial, Heights Capital) established new positions in the fourth quarter.

Blue Acquisition Corp/Cayman (NASDAQ:BACC - Get Free Report) traded up 0.6% on Tuesday . The company traded as high as $10.34 and last traded at $10.34. 28,927 shares changed hands during mid-day trading, a decline of 2% from the average session volume of 29,663 shares. The stock had previously closed at $10.28.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised shares of Blue Acquisition Corp/Cayman from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Sell".

Blue Acquisition Corp/Cayman Stock Performance

The business has a 50-day simple moving average of $10.21.

Hedge Funds Weigh In On Blue Acquisition Corp/Cayman

Several large investors have recently modified their holdings of BACC. Toronto Dominion Bank grew its stake in shares of Blue Acquisition Corp/Cayman by 2.1% in the fourth quarter. Toronto Dominion Bank now owns 300,500 shares of the company's stock valued at $3,068,000 after acquiring an additional 6,100 shares in the last quarter. Meteora Capital LLC acquired a new stake in shares of Blue Acquisition Corp/Cayman in the 4th quarter valued at approximately $136,000. Stoic Point Capital Management LLC acquired a new stake in shares of Blue Acquisition Corp/Cayman in the 4th quarter valued at approximately $255,000. HRT Financial LP acquired a new stake in shares of Blue Acquisition Corp/Cayman in the 4th quarter valued at approximately $318,000. Finally, Heights Capital Management Inc. acquired a new stake in shares of Blue Acquisition Corp/Cayman in the 4th quarter valued at approximately $342,000.

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.

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