Braskem (NYSE:BAK) Trading 7% Higher – Here’s Why

Braskem S.A. (NYSE:BAK)’s share price shot up 7% during trading on Thursday . The company traded as high as $2.09 and last traded at $2.1070. Approximately 522,440 shares were traded during mid-day trading, a decline of 78% from the average session volume of 2,423,220 shares. The stock had previously closed at $1.97.

Analysts Set New Price Targets

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

Braskem Stock Performance

The stock has a market capitalization of $815.14 million, a P/E ratio of -0.84, a PEG ratio of 0.11 and a beta of 1.56. The firm has a fifty day moving average price of $2.18 and a two-hundred day moving average price of $3.28.

Braskem (NYSE:BAK) last posted 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 company had revenue of $4.20 billion during the quarter. On average, research analysts anticipate that Braskem S.A. will post 1.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Braskem

Institutional investors and hedge funds have recently made changes to their positions in the business. UBS Group AG grew its position in Braskem by 2.6% during the third quarter. UBS Group AG now owns 783,445 shares of the company’s stock valued at $1,896,000 after buying an additional 19,956 shares during the period. Brooklands Fund Management Ltd bought a new position in Braskem in the first quarter worth approximately $2,013,000. State Street Corp boosted its stake in shares of Braskem by 7.2% during the 4th quarter. State Street Corp now owns 311,507 shares of the company’s stock worth $919,000 after acquiring an additional 20,805 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Braskem by 619.5% during the 4th quarter. Renaissance Technologies LLC now owns 265,488 shares of the company’s stock worth $783,000 after acquiring an additional 228,588 shares during the last quarter. Finally, Jump Financial LLC grew its position in shares of Braskem by 607.1% during the 2nd quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock valued at $865,000 after acquiring an additional 226,467 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.