Braskem (NYSE:BAK) Trading 8.7% Higher – Should You Buy?

Braskem S.A. (NYSE:BAK)’s share price rose 8.7% during mid-day trading on Friday . The stock traded as high as $3.12 and last traded at $3.1750. Approximately 460,278 shares were traded during trading, a decline of 53% from the average daily volume of 970,162 shares. The stock had previously closed at $2.92.

Analyst Upgrades and Downgrades

BAK has been the topic of a number of recent research reports. Citigroup cut shares of Braskem from a “buy” rating to a “hold” rating in a research note on Friday, October 10th. UBS Group lowered shares of Braskem from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $5.10 to $3.80 in a report on Friday, September 26th. Zacks Research upgraded Braskem from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 29th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Braskem in a report on Wednesday, October 8th. Finally, Santander cut shares of Braskem from a “neutral” rating to an “underperform” rating in a research report on Thursday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $4.40.

Braskem Price Performance

The business has a 50-day moving average of $2.86 and a 200 day moving average of $2.99. The company has a market cap of $1.22 billion, a PE ratio of -1.34 and a beta of 1.88.

Braskem (NYSE:BAK) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.48) by $0.46. The company had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.23 billion. On average, equities analysts predict that Braskem S.A. will post -0.77 EPS for the current fiscal year.

Institutional Trading of Braskem

Several institutional investors and hedge funds have recently made changes to their positions in the business. Jump Financial LLC raised its stake in Braskem by 607.1% in the second quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock worth $865,000 after buying an additional 226,467 shares in the last quarter. Van ECK Associates Corp purchased a new position in shares of Braskem during the 3rd quarter valued at about $117,000. Centric Wealth Management acquired a new stake in shares of Braskem during the 2nd quarter worth approximately $128,000. Creative Planning increased its stake in shares of Braskem by 145.0% in the 3rd quarter. Creative Planning now owns 56,790 shares of the company’s stock valued at $137,000 after purchasing an additional 33,614 shares in the last quarter. Finally, Jane Street Group LLC grew its stake in Braskem by 130.3% in the 2nd quarter. Jane Street Group LLC now owns 49,301 shares of the company’s stock valued at $162,000 after acquiring an additional 27,891 shares during the period.

Braskem Company Profile

Braskem (NYSE:BAK) is a leading integrated petrochemical company based in São Paulo, Brazil, and holds the distinction of being the largest thermoplastic resins producer in Latin America. The company operates across the entire value chain, from feedstock sourcing and polymer production to distribution and recycling. Braskem’s comprehensive approach to petrochemical manufacturing enables it to serve a diverse set of end markets with a broad portfolio of products.

Braskem’s core product lines include polypropylene, polyethylene and polyvinyl chloride (PVC), which are used in industries such as packaging, automotive, construction and electrical & electronics.