Braskem (NYSE:BAK) Shares Down 5.3% – What’s Next?

Braskem S.A. (NYSE:BAK)’s stock price was down 5.3% during mid-day trading 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 daily volume of 2,443,943 shares. The stock had previously closed at $1.97.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BAK. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a report on Friday, July 17th. Citigroup cut Braskem from a “neutral” rating to a “sell” rating in a research note on Thursday, June 25th. JPMorgan Chase & Co. downgraded Braskem from an “overweight” rating to a “neutral” rating in a research report on Tuesday, June 30th. Finally, Zacks Research lowered Braskem from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Three 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, the stock has a consensus rating of “Strong Sell” and an average price target of $3.40.

Braskem Price Performance

The company’s 50-day moving average is $2.21 and its two-hundred day moving average is $3.33. The firm has a market cap of $755.35 million, a P/E ratio of -0.78, a PEG ratio of 0.12 and a beta of 1.56.

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

Institutional Trading of Braskem

Several large investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its position in Braskem by 444.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company’s stock valued at $25,000 after purchasing an additional 7,003 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in Braskem by 222.1% during 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 bought a new position in shares of Braskem in the 1st quarter valued at $51,000. Brevan Howard Capital Management LP bought a new position in shares of Braskem in the 3rd quarter valued at $64,000. Finally, Dark Forest Capital Management LP raised its holdings in shares of Braskem by 94.7% during the 3rd quarter. Dark Forest Capital Management LP now owns 32,127 shares of the company’s stock worth $78,000 after buying an additional 15,630 shares in 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.