Braskem (NYSE:BAK) Stock Price Down 6.7% – Time to Sell?

Braskem S.A. (NYSE:BAK) shares traded down 6.7% during trading on Wednesday . The stock traded as low as $3.48 and last traded at $3.3950. 1,221,723 shares were traded during mid-day trading, a decline of 50% from the average session volume of 2,447,809 shares. The stock had previously closed at $3.64.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on BAK shares. Citigroup raised Braskem from a “strong sell” rating to a “hold” rating in a research note on Wednesday, April 1st. Weiss Ratings reissued a “sell (e+)” rating on shares of Braskem in a research note on Monday. Bradesco Corretora lowered Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 target price on the stock. in a research report on Tuesday. Bank of America cut Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 target price on the stock. in a report on Thursday, March 26th. Finally, Zacks Research raised shares of Braskem from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, Braskem currently has a consensus rating of “Reduce” and an average price target of $3.28.

Braskem Stock Performance

The company has a market cap of $1.36 billion, a price-to-earnings ratio of -0.74 and a beta of 1.74. The stock’s fifty day moving average is $3.95 and its two-hundred day moving average is $3.31.

Braskem (NYSE:BAK) last released its quarterly earnings results on Saturday, February 14th. The company reported ($2.33) earnings per share (EPS) for the quarter. The company had revenue of $2.56 billion for the quarter. Braskem had a negative net margin of 14.53% and a negative return on equity of 21.95%. On average, equities research analysts expect that Braskem S.A. will post -2 EPS for the current year.

Institutional Investors Weigh In On Braskem

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC boosted its holdings in 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. LPL Financial LLC raised its holdings in shares of Braskem by 115.6% in the fourth quarter. LPL Financial LLC now owns 134,827 shares of the company’s stock valued at $398,000 after purchasing an additional 72,292 shares during the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Braskem in the fourth quarter valued at about $232,000. HRT Financial LP bought a new position in shares of Braskem during the fourth quarter valued at about $192,000. Finally, Creative Planning boosted its holdings in Braskem by 145.0% during the third quarter. Creative Planning now owns 56,790 shares of the company’s stock worth $137,000 after purchasing an additional 33,614 shares during the last quarter.

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.