Short Interest in Blue Acquisition Corp/Cayman (NASDAQ:BACC) Increases By 90.1%

Key Points

• Short interest in BACC jumped 90.1% in June, reaching 24,785 shares as of June 30 from 13,039 two weeks earlier. Even so, only about 0.1% of the float is short, with a very low days-to-cover ratio of 0.1.
• Institutional investors have been active in the stock. Several firms initiated new positions, including Sona Asset Management US LLC and Alberta Investment Management Corp, while Berkley W R Corp increased its holdings by 40.6% in the first quarter.
• Analyst sentiment is mixed but leans positive. One analyst rates BACC a Strong Buy, one rates it a Sell, and MarketBeat’s consensus view currently sits at Moderate Buy.

Blue Acquisition Corp/Cayman (NASDAQ:BACC - Get Free Report) was the recipient of a significant growth in short interest in the month of June. As of June 30th, there was short interest totaling 24,785 shares, a growth of 90.1% from the June 15th total of 13,039 shares. Approximately 0.1% of the shares of the company are short sold. Based on an average daily volume of 409,813 shares, the days-to-cover ratio is currently 0.1 days.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Sona Asset Management US LLC purchased a new stake in shares of Blue Acquisition Corp/Cayman in the fourth quarter worth $20,013,000. Alberta Investment Management Corp purchased a new position in Blue Acquisition Corp/Cayman during the fourth quarter worth about $7,147,000. Lineage Point Capital LP bought a new position in Blue Acquisition Corp/Cayman in the 4th quarter worth about $4,404,000. Readystate Asset Management LP bought a new position in Blue Acquisition Corp/Cayman in the 4th quarter worth about $1,532,000. Finally, Berkley W R Corp raised its holdings in shares of 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 in the last quarter.

Blue Acquisition Corp/Cayman Trading Down 0.7%

Shares of BACC opened at $10.57 on Thursday. The firm's 50-day moving average is $10.53. Blue Acquisition Corp/Cayman has a twelve month low of $9.95 and a twelve month high of $11.10.

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on BACC. Odean Cap Resea upgraded shares of Blue Acquisition Corp/Cayman to a "strong-buy" rating in a research note on Wednesday, July 8th. Weiss Ratings raised shares of Blue Acquisition Corp/Cayman from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Blue Acquisition Corp/Cayman currently has an average rating of "Moderate Buy".

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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