Braskem (NYSE:BAK) Stock Price Up 8.4% – What’s Next?

Braskem S.A. (NYSE:BAK) traded up 8.4% during mid-day trading on Friday . The company traded as high as $3.54 and last traded at $3.62. 1,229,467 shares changed hands during trading, a decline of 10% from the average session volume of 1,372,432 shares. The stock had previously closed at $3.34.

Wall Street Analysts Forecast Growth

BAK has been the subject of several analyst reports. UBS Group downgraded Braskem from a “buy” rating to a “neutral” rating and cut their price target for the company from $5.10 to $3.80 in a report on Friday, September 26th. Citigroup downgraded Braskem from a “buy” rating to a “hold” rating in a research report on Friday, October 10th. Santander cut Braskem from a “neutral” rating to an “underperform” rating in a report on Thursday, October 16th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a research note on Wednesday. Finally, Zacks Research cut shares of Braskem from a “strong-buy” rating to a “hold” rating in a research report on Monday. Five investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $4.40.

Braskem Stock Performance

The stock has a fifty day moving average price of $2.98 and a 200-day moving average price of $2.98. The firm has a market cap of $1.32 billion, a PE ratio of -1.60 and a beta of 1.88.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Centric Wealth Management acquired a new stake in shares of Braskem in the second quarter valued at about $128,000. Jump Financial LLC boosted its holdings in Braskem by 607.1% in the 2nd quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock worth $865,000 after acquiring an additional 226,467 shares during the period. Jane Street Group LLC grew its position in Braskem by 130.3% in the second 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 in the last quarter. Ballentine Partners LLC acquired a new stake in Braskem in the third quarter valued at approximately $34,000. Finally, Van ECK Associates Corp purchased a new stake in shares of Braskem during the third quarter valued at approximately $117,000.

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.