Braskem (NYSE:BAK) Trading Down 5.3% – Should You Sell?
by Kim Johansen · The Markets DailyBraskem S.A. (NYSE:BAK – Get Free Report) fell 5.3% during trading on Thursday . The stock traded as low as $1.87 and last traded at $1.8650. 497,476 shares traded hands during trading, a decline of 80% from the average session volume of 2,443,943 shares. The stock had previously closed at $1.97.
Wall Street Analyst Weigh In
A number of research firms have recently weighed in on BAK. Citigroup lowered shares of Braskem from a “neutral” rating to a “sell” rating in a research note on Thursday, June 25th. 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. Finally, JPMorgan Chase & Co. downgraded Braskem from an “overweight” rating to a “neutral” rating in a research report on Tuesday, June 30th. Three investment analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat, Braskem currently has a consensus rating of “Strong Sell” and an average price target of $3.40.
View Our Latest Research Report on BAK
Braskem Stock Performance
The firm has a market cap of $767.30 million, a price-to-earnings ratio of -0.79, a PEG ratio of 0.10 and a beta of 1.56. The business’s 50 day moving average price is $2.24 and its 200 day moving average price is $3.35.
Braskem (NYSE:BAK – Get Free Report) last posted 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 firm had revenue of $4.20 billion during the quarter. Sell-side analysts anticipate that Braskem S.A. will post 1.58 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of BAK. EverSource Wealth Advisors LLC grew its position in shares of Braskem by 444.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company’s stock valued at $25,000 after acquiring an additional 7,003 shares during the period. Quadrant Capital Group LLC increased its stake in shares of Braskem by 222.1% in the 4th quarter. Quadrant Capital Group LLC now owns 12,809 shares of the company’s stock valued at $38,000 after purchasing an additional 8,832 shares in the last quarter. Cetera Investment Advisers acquired a new position in Braskem in the 1st quarter worth about $51,000. Brevan Howard Capital Management LP acquired a new position in Braskem in the 3rd quarter worth about $64,000. Finally, Dark Forest Capital Management LP boosted its position in Braskem by 94.7% during the third quarter. Dark Forest Capital Management LP now owns 32,127 shares of the company’s stock worth $78,000 after purchasing 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.