Braskem (NYSE:BAK) Trading Down 5.3% – Here’s Why

Braskem S.A. (NYSE:BAKGet Free Report)’s share price dropped 5.3% on Thursday . The company traded as low as $1.87 and last traded at $1.8650. Approximately 497,476 shares traded hands during trading, a decline of 80% from the average session volume of 2,443,943 shares. The stock had previously closed at $1.97.

Analyst Ratings Changes

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

View Our Latest Analysis on BAK

Braskem Stock Down 2.3%

The firm has a market cap of $767.30 million, a PE ratio of -0.79, a price-to-earnings-growth ratio of 0.10 and a beta of 1.56. The stock has a 50 day moving average price of $2.24 and a two-hundred day moving average price of $3.35.

Braskem (NYSE:BAKGet Free Report) last released its earnings results on Friday, June 26th. The company reported $1.61 EPS for the quarter. Braskem had a negative net margin of 7.28% and a negative return on equity of 67.75%. The company had revenue of $4.20 billion during the quarter. As a group, equities analysts anticipate that Braskem S.A. will post 1.58 earnings per share for the current year.

Hedge Funds Weigh In On Braskem

Several hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its position in 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 acquiring an additional 7,003 shares during the period. Quadrant Capital Group LLC raised its stake in shares of Braskem by 222.1% in the fourth quarter. Quadrant Capital Group LLC now owns 12,809 shares of the company’s stock worth $38,000 after purchasing an additional 8,832 shares during the last quarter. Cetera Investment Advisers purchased a new position in shares of Braskem in the first quarter worth about $51,000. Brevan Howard Capital Management LP acquired a new stake in shares of Braskem during the third quarter worth about $64,000. Finally, Dark Forest Capital Management LP lifted its holdings in shares of Braskem by 94.7% during the third quarter. Dark Forest Capital Management LP now owns 32,127 shares of the company’s stock worth $78,000 after purchasing an additional 15,630 shares during the period.

About Braskem

(Get Free Report)

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.

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