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

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

Analyst Upgrades and Downgrades

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

Braskem Stock Down 1.2%

The firm has a market cap of $831.08 million, a price-to-earnings ratio of -0.86, a PEG ratio of 0.13 and a beta of 1.56. The company’s 50-day moving average price is $2.17 and its 200-day moving average price is $3.26.

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

Hedge Funds Weigh In On Braskem

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

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.