Sona Asset Management US LLC Boosts Stock Position in Blue Acquisition Corp/Cayman $BACC

Key Points

• Sona Asset Management increased its BACC position by 70.5% in the first quarter, adding 1.38 million shares to own 3.34 million shares, or 11.95% of Blue Acquisition Corp/Cayman valued at $34.1 million.
• Several other hedge funds initiated positions in BACC, while analyst sentiment was mixed: one firm rated it “Strong Buy,” another “Sell,” and MarketBeat reported a consensus “Moderate Buy.”
• BACC shares opened at $10.46, within a 52-week range of $9.95 to $11.10. The SPAC reported quarterly EPS of $0.07 and continues to seek a business combination.

Sona Asset Management US LLC boosted its position in Blue Acquisition Corp/Cayman (NASDAQ:BACC - Free Report) by 70.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,342,359 shares of the company's stock after purchasing an additional 1,382,174 shares during the quarter. Blue Acquisition Corp/Cayman comprises about 0.7% of Sona Asset Management US LLC's holdings, making the stock its 23rd largest position. Sona Asset Management US LLC owned 11.95% of Blue Acquisition Corp/Cayman worth $34,125,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Meteora Capital LLC purchased a new stake in shares of Blue Acquisition Corp/Cayman during the fourth quarter worth about $136,000. Stoic Point Capital Management LLC purchased a new position in shares of Blue Acquisition Corp/Cayman during the fourth quarter valued at approximately $255,000. HRT Financial LP purchased a new position in shares of Blue Acquisition Corp/Cayman during the fourth quarter valued at approximately $318,000. Heights Capital Management Inc. acquired a new stake in Blue Acquisition Corp/Cayman during the fourth quarter worth approximately $342,000. Finally, Boothbay Fund Management LLC acquired a new stake in Blue Acquisition Corp/Cayman during the fourth quarter worth approximately $464,000.

Wall Street Analyst Weigh In

BACC has been the subject of several analyst reports. Weiss Ratings upgraded Blue Acquisition Corp/Cayman from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, May 1st. Wall Street Zen upgraded Blue Acquisition Corp/Cayman to a "hold" rating in a report on Saturday. Finally, Odeon Capital Group raised Blue Acquisition Corp/Cayman to a "strong-buy" rating in a research report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy".

Blue Acquisition Corp/Cayman Stock Performance

Shares of BACC stock opened at $10.46 on Monday. The business's 50-day moving average is $10.54. Blue Acquisition Corp/Cayman has a 1-year low of $9.95 and a 1-year high of $11.10.

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

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.

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