Braskem (NYSE:BAK) Stock Price Down 11.7% – Time to Sell?

Braskem S.A. (NYSE:BAK) shares fell 11.7% during mid-day trading on Thursday . The stock traded as low as $3.37 and last traded at $3.7950. 3,608,204 shares traded hands during trading, an increase of 118% from the average session volume of 1,657,489 shares. The stock had previously closed at $4.30.

Analysts Set New Price Targets

BAK has been the topic of several recent research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Braskem in a report on Wednesday, January 21st. Zacks Research lowered Braskem from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 19th. Five analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $4.40.

Braskem Stock Up 2.5%

The firm’s 50 day moving average price is $3.23 and its two-hundred day moving average price is $3.02.

Braskem (NYSE:BAK) last issued its quarterly earnings data on Wednesday, November 12th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.46. The firm had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.23 billion. As a group, analysts anticipate that Braskem S.A. will post -0.77 EPS for the current fiscal year.

Institutional Investors Weigh In On Braskem

A number of hedge funds have recently bought and sold shares of BAK. EverSource Wealth Advisors LLC raised its position in shares of Braskem by 444.4% in the 4th 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. Ballentine Partners LLC bought a new stake in shares of Braskem in the third quarter worth $34,000. Quadrant Capital Group LLC raised its holdings in Braskem by 222.1% in the fourth quarter. Quadrant Capital Group LLC now owns 12,809 shares of the company’s stock valued at $38,000 after acquiring an additional 8,832 shares in the last quarter. Signaturefd LLC raised its holdings in Braskem by 50.1% in the fourth quarter. Signaturefd LLC now owns 13,524 shares of the company’s stock valued at $40,000 after acquiring an additional 4,513 shares in the last quarter. Finally, Evergreen Capital Management LLC bought a new position in Braskem during the 4th quarter valued at $44,000.

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.