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

Key Points

• Short interest plunged 76.6% to 1,836 shares as of September 30, down from 7,860 shares on September 15. Shorted shares represented 0.0% of the company, with a days-to-cover ratio of 0.0.
• BACC opened at $10.44, near its 50-day and 200-day moving averages, and has traded between $10.00 and $11.10 over the past year. The company reported quarterly EPS of $0.06.
• Several institutional investors increased or initiated positions, while analyst views remained mixed; despite Strong Buy, Hold, and Sell ratings, the overall consensus rating was Moderate Buy.

Blue Acquisition Corp/Cayman (NASDAQ:BACC - Get Free Report) saw a significant drop in short interest in the month of September. As of September 30th, there was short interest totaling 1,836 shares, a drop of 76.6% from the September 15th total of 7,860 shares. Based on an average daily trading volume, of 202,366 shares, the days-to-cover ratio is currently 0.0 days. Currently, 0.0% of the company's shares are short sold.

Blue Acquisition Corp/Cayman Price Performance

NASDAQ BACC opened at $10.44 on Friday. The company has a fifty day simple moving average of $10.50 and a 200 day simple moving average of $10.45. Blue Acquisition Corp/Cayman has a 1 year low of $10.00 and a 1 year high of $11.10.

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

Institutional Trading of Blue Acquisition Corp/Cayman

Several hedge funds have recently modified their holdings of the company. MYDA Advisors LLC bought a new stake in Blue Acquisition Corp/Cayman during the 4th quarter worth approximately $756,000. Governors Lane LP raised its position in Blue Acquisition Corp/Cayman by 50.0% in the 4th quarter. Governors Lane LP now owns 300,000 shares of the company's stock valued at $3,063,000 after purchasing an additional 100,000 shares during the last quarter. Lineage Point Capital LP bought a new position in Blue Acquisition Corp/Cayman in the 4th quarter valued at $4,404,000. Berkley W R Corp raised its position in Blue Acquisition Corp/Cayman by 40.6% in the 1st quarter. Berkley W R Corp now owns 441,650 shares of the company's stock valued at $4,509,000 after purchasing an additional 127,428 shares during the last quarter. Finally, Radcliffe Capital Management L.P. boosted its stake in Blue Acquisition Corp/Cayman by 9.4% in the fourth quarter. Radcliffe Capital Management L.P. now owns 524,100 shares of the company's stock worth $5,351,000 after purchasing an additional 44,880 shares in the last quarter.

Analyst Upgrades and Downgrades

BACC has been the subject of a number of research analyst reports. Odeon Capital Group raised shares of Blue Acquisition Corp/Cayman to a "strong-buy" rating in a research report on Wednesday, July 8th. Weiss Ratings raised shares of Blue Acquisition Corp/Cayman from a "sell (d-)" rating to a "sell (d)" rating in a research report on Tuesday, September 1st. Finally, Wall Street Zen raised shares of Blue Acquisition Corp/Cayman to a "hold" rating in a research report on Saturday, July 25th. One equities research 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, Blue Acquisition Corp/Cayman currently has a consensus rating of "Moderate Buy".

Blue Acquisition Corp/Cayman Company Profile

Blue Acquisition Corp. is a Cayman Islands-incorporated special purpose acquisition company (SPAC) listed on the Nasdaq under the symbol BACC. Unlike an operating company, it was formed to raise capital through a public offering and pursue a business combination with an existing private company.

The company's proposed transaction could take the form of a merger, share exchange, asset acquisition, reorganization or similar combination. Until a transaction is completed, Blue Acquisition Corp.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.