Braskem (NYSE:BAK) Sees Strong Trading Volume – Time to Buy?

Braskem S.A. (NYSE:BAK) shares saw unusually-strong trading volume on Thursday . Approximately 1,473,134 shares traded hands during trading, a decline of 39% from the previous session’s volume of 2,401,264 shares.The stock last traded at $1.5650 and had previously closed at $1.48.

Analyst Ratings Changes

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

Braskem Price Performance

The business has a 50 day simple moving average of $2.36 and a 200 day simple moving average of $3.43. The company has a market capitalization of $631.79 million, a price-to-earnings ratio of -0.65, a PEG ratio of 0.10 and a beta of 1.62.

Braskem (NYSE:BAK) last issued its quarterly earnings data on Friday, June 26th. The company reported $1.61 earnings per share for the quarter. The business had revenue of $4.20 billion during the quarter. Braskem had a negative return on equity of 67.75% and a negative net margin of 7.28%. On average, equities research analysts predict that Braskem S.A. will post 1.51 EPS for the current year.

Hedge Funds Weigh In On Braskem

Several institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its stake in Braskem by 444.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company’s stock worth $25,000 after purchasing an additional 7,003 shares during the period. Quadrant Capital Group LLC lifted its position in shares of 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 in the last quarter. Evergreen Capital Management LLC purchased a new position in shares of Braskem in the fourth quarter valued at approximately $44,000. Cetera Investment Advisers purchased a new position in shares of Braskem in the first quarter valued at approximately $51,000. Finally, Brevan Howard Capital Management LP acquired a new position in shares of Braskem in the third quarter valued at approximately $64,000.

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.