Blue Acquisition Corp/Cayman (NASDAQ:BACC) Stock Jumps 0.1% - Still a Buy?

Key Points

• BACC shares rose 0.1% to $10.49 in very light trading, with just 321 shares changing hands versus average volume of 116,112.
• Analyst sentiment is mixed but leans positive: Wall Street Zen assigned a “hold,” Odeon Capital issued a “strong buy,” and Weiss Ratings maintained a “sell” rating; the consensus is “Moderate Buy.”
• Institutional investors have been increasing exposure, including Sona Asset Management, Berkley W R Corp, and Governors Lane, while BACC continues to operate as a SPAC seeking a business combination.

Blue Acquisition Corp/Cayman (NASDAQ:BACC - Get Free Report) shares rose 0.1% during trading on Tuesday. The company traded as high as $10.50 and last traded at $10.49. 321 shares changed hands during trading, a decline of 100% from the average session volume of 116,112 shares. The stock had previously closed at $10.48.

Wall Street Analyst Weigh In

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

Blue Acquisition Corp/Cayman Price Performance

The stock's 50 day simple moving average is $10.51 and its two-hundred day simple moving average is $10.44.

Blue Acquisition Corp/Cayman (NASDAQ:BACC - Get Free Report) last issued its quarterly 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

Hedge funds have recently made changes to their positions in the company. Harraden Circle Investments LLC purchased a new position in shares of Blue Acquisition Corp/Cayman during the 2nd quarter valued at $11,286,000. Sona Asset Management US LLC raised its stake 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. Berkley W R Corp raised its stake 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 acquiring an additional 127,428 shares during the period. Lineage Point Capital LP purchased a new stake in Blue Acquisition Corp/Cayman during the fourth quarter valued at about $4,404,000. Finally, Governors Lane LP lifted its holdings in Blue Acquisition Corp/Cayman by 50.0% during the fourth 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.

About Blue Acquisition Corp/Cayman

Blue Acquisition Corp. is a Cayman Islands-incorporated special purpose acquisition company (SPAC) that was formed to identify and complete a business combination with an operating company or other business. Its potential transaction may take the form of a merger, share exchange, asset acquisition, reorganization or similar corporate combination.

As a SPAC, Blue Acquisition Corp. does not operate a traditional business and does not manufacture products or provide services to customers.

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