Braskem (NYSE:BAK) Sees Strong Trading Volume – Here’s What Happened

Braskem S.A. (NYSE:BAK) saw an uptick in trading volume on Monday . 1,179,380 shares traded hands during trading, an increase of 26% from the previous session’s volume of 938,147 shares.The stock last traded at $2.51 and had previously closed at $2.61.

Analysts Set New Price Targets

Several brokerages recently weighed in on BAK. JPMorgan Chase & Co. decreased their price objective on Braskem from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Wednesday, August 27th. UBS Group lowered Braskem from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $5.10 to $3.80 in a report on Friday. Finally, Zacks Research raised Braskem from a “hold” rating to a “strong-buy” rating in a report on Monday, September 1st. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $4.40.

Braskem Trading Down 4.0%

The company has a market capitalization of $998.49 million, a PE ratio of -0.99 and a beta of 1.81. The stock has a fifty day moving average of $3.19 and a two-hundred day moving average of $3.47.

Braskem (NYSE:BAK) last posted its earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.70) by $0.56. The business had revenue of $3.38 billion for the quarter, compared to analysts’ expectations of $18.76 billion. Equities analysts forecast that Braskem S.A. will post -0.77 EPS for the current year.

Institutional Investors Weigh In On Braskem

Several hedge funds have recently added to or reduced their stakes in the stock. Jane Street Group LLC boosted its holdings in Braskem by 130.3% in the second quarter. Jane Street Group LLC now owns 49,301 shares of the company’s stock worth $162,000 after acquiring an additional 27,891 shares in the last quarter. Jump Financial LLC boosted its holdings in Braskem by 607.1% in the second quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock worth $865,000 after acquiring an additional 226,467 shares in the last quarter. Centric Wealth Management bought a new stake in Braskem in the second quarter worth $128,000. Graham Capital Management L.P. bought a new stake in Braskem in the first quarter worth $532,000. Finally, Banco BTG Pactual S.A. bought a new stake in Braskem in the first quarter worth $248,000.

About Braskem

Braskem SA, together with its subsidiaries, produces and sells thermoplastic resins. The company operates through three segments: Brazil, United States and Europe, and Mexico. The Brazil segment produces and sells olefins, including ethylene, polymer and chemical grade propylene, butadiene, and butene-1; benzene, toluene, and xylenes products; fuels, such as automotive gasoline, liquefied petroleum gas, ethyl tertiary-butyl ether, and methyl tertiary-butyl ether; intermediates, such as cumene; aliphatics, aromatics, and hydrogenated solvents; and specialties comprising isoprene, dicyclopentadiene, piperylene, nonene, tetramer, polyisobutylene, and hydrocarbon resins.