Braskem (NYSE:BAK) Trading 8.7% Higher Following Analyst Upgrade

Braskem S.A. (NYSE:BAK)’s share price was up 8.7% on Wednesday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $5.50 price target on the stock. Braskem traded as high as $5.04 and last traded at $5.2070. Approximately 439,976 shares traded hands during trading, a decline of 82% from the average daily volume of 2,415,603 shares. The stock had previously closed at $4.79.

A number of other analysts have also issued reports on BAK. Citigroup raised Braskem from a “strong sell” rating to a “hold” rating in a research note on Wednesday, April 1st. Bradesco Corretora lowered shares of Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price target for the company. in a research report on Tuesday, April 21st. Zacks Research upgraded shares of Braskem from a “hold” rating to a “strong-buy” rating in a report on Monday, April 6th. Bank of America downgraded Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price objective for the company. in a report on Thursday, March 26th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Braskem in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $3.40.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BAK. EverSource Wealth Advisors LLC boosted its stake in shares of 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 in the last quarter. Quadrant Capital Group LLC raised its holdings in Braskem by 222.1% during the 4th quarter. Quadrant Capital Group LLC now owns 12,809 shares of the company’s stock worth $38,000 after buying an additional 8,832 shares during the period. Signaturefd LLC lifted its stake in Braskem by 50.1% during the fourth quarter. Signaturefd LLC now owns 13,524 shares of the company’s stock valued at $40,000 after buying an additional 4,513 shares in the last quarter. Ballentine Partners LLC purchased a new position in shares of Braskem in the third quarter worth approximately $34,000. Finally, Evergreen Capital Management LLC acquired a new stake in shares of Braskem during the fourth quarter valued at approximately $44,000.

Braskem Stock Performance

The stock has a market cap of $2.07 billion, a price-to-earnings ratio of -1.11 and a beta of 1.56. The business’s 50 day moving average is $3.95 and its 200 day moving average is $3.42.

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

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.