Braskem (NYSE:BAK) Sees Unusually-High Trading Volume – Here’s Why

Braskem S.A. (NYSE:BAK) saw strong trading volume on Thursday . Approximately 1,473,134 shares were traded during trading, a decline of 39% from the previous session’s volume of 2,401,264 shares.The stock last traded at $1.5650 and had previously closed at $1.48.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Citigroup lowered shares of Braskem from a “neutral” rating to a “sell” rating in a research note on Thursday, June 25th. JPMorgan Chase & Co. cut shares of Braskem from an “overweight” rating to a “neutral” rating in a report on Tuesday, June 30th. Zacks Research downgraded shares of Braskem from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Braskem in a report on Friday, July 17th. Three investment analysts have rated the stock with a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Strong Sell” and a consensus target price of $3.40.

Braskem Trading Up 0.9%

The company has a market cap of $659.68 million, a PE ratio of -0.68, a P/E/G ratio of 0.10 and a beta of 1.62. The company has a fifty day simple moving average of $2.31 and a two-hundred day simple moving average of $3.40.

Braskem (NYSE:BAK) last announced its quarterly earnings data on Friday, June 26th. The company reported $1.61 EPS for the quarter. Braskem had a negative return on equity of 67.75% and a negative net margin of 7.28%.The business had revenue of $4.20 billion during the quarter. On average, research analysts anticipate that Braskem S.A. will post 1.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Braskem

A number of large investors have recently modified their holdings of BAK. EverSource Wealth Advisors LLC lifted its position in shares of Braskem by 444.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company’s stock worth $25,000 after purchasing an additional 7,003 shares during the last quarter. Quadrant Capital Group LLC raised its stake in Braskem by 222.1% in the fourth quarter. Quadrant Capital Group LLC now owns 12,809 shares of the company’s stock valued at $38,000 after buying an additional 8,832 shares in the last quarter. Cetera Investment Advisers purchased a new stake in Braskem during the 1st quarter worth about $51,000. Evergreen Capital Management LLC purchased a new stake in Braskem during the 4th quarter worth about $44,000. Finally, Brevan Howard Capital Management LP acquired a new position in shares of Braskem during the 3rd quarter worth about $64,000.

About Braskem

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.