Braskem (NYSE:BAK) Shares Up 10% – Here’s What Happened

Braskem S.A. (NYSE:BAK)’s share price rose 10% during mid-day trading on Wednesday . The company traded as high as $1.79 and last traded at $1.8150. 330,959 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 2,433,741 shares. The stock had previously closed at $1.65.

Wall Street Analysts Forecast Growth

BAK has been the subject of a number of analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of Braskem in a research note 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 Braskem from a “neutral” rating to a “sell” rating in a research report on Thursday, June 25th. Finally, JPMorgan Chase & Co. lowered Braskem from an “overweight” rating to a “neutral” rating in a report 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 company. According to MarketBeat.com, the company has a consensus rating of “Strong Sell” and an average price target of $3.40.

Braskem Stock Down 1.8%

The business’s fifty day moving average is $2.23 and its 200-day moving average is $3.34. The company has a market cap of $771.29 million, a PE ratio of -0.80, a P/E/G ratio of 0.12 and a beta of 1.56.

Braskem (NYSE:BAK) last released its earnings results on Friday, June 26th. The company reported $1.61 earnings per share (EPS) for the quarter. Braskem had a negative net margin of 7.28% and a negative return on equity of 67.75%. The company had revenue of $4.20 billion during the quarter. Analysts forecast that Braskem S.A. will post 1.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Braskem

A number of hedge funds have recently made changes to their positions in BAK. Brooklands Fund Management Ltd bought a new position in Braskem during the first quarter valued at approximately $2,013,000. Renaissance Technologies LLC raised its position in Braskem by 619.5% during the fourth quarter. Renaissance Technologies LLC now owns 265,488 shares of the company’s stock valued at $783,000 after purchasing an additional 228,588 shares during the period. Jump Financial LLC lifted its stake in shares of Braskem by 607.1% in the 2nd quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock valued at $865,000 after purchasing an additional 226,467 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Braskem in the 4th quarter worth approximately $477,000. Finally, Jane Street Group LLC increased its position in shares of Braskem by 193.6% during the 4th quarter. Jane Street Group LLC now owns 220,898 shares of the company’s stock valued at $652,000 after purchasing an additional 145,655 shares during the last quarter.

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.