Short Interest in Braskem S.A. (NYSE:BAK) Rises By 39.3%

Braskem S.A. (NYSE:BAK) saw a large increase in short interest during the month of February. As of February 15th, there was short interest totalling 3,050,000 shares, an increase of 39.3% from the January 31st total of 2,190,000 shares. Based on an average daily volume of 995,200 shares, the days-to-cover ratio is currently 3.1 days.

Braskem Price Performance

NYSE:BAK traded up $0.04 during midday trading on Tuesday, reaching $3.56. The stock had a trading volume of 735,733 shares, compared to its average volume of 821,929. Braskem has a 1-year low of $3.42 and a 1-year high of $10.98. The firm’s fifty day simple moving average is $4.26 and its 200-day simple moving average is $5.38. The stock has a market capitalization of $1.42 billion, a P/E ratio of -1.00 and a beta of 2.03.

Braskem (NYSE:BAK) last posted its earnings results on Thursday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.01). Braskem had a negative net margin of 9.88% and a negative return on equity of 439.59%. The firm had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.52 billion. On average, equities research analysts anticipate that Braskem will post -0.77 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Scotiabank lowered shares of Braskem from a “sector outperform” rating to a “sector perform” rating in a research note on Monday.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BAK. MQS Management LLC acquired a new position in Braskem in the 3rd quarter valued at $77,000. Dynamic Technology Lab Private Ltd bought a new stake in Braskem in the 3rd quarter valued at $197,000. Quantbot Technologies LP boosted its holdings in Braskem by 174.9% in the 3rd quarter. Quantbot Technologies LP now owns 71,952 shares of the company’s stock valued at $528,000 after purchasing an additional 45,782 shares during the period. Walleye Capital LLC bought a new stake in Braskem in the 3rd quarter valued at $2,341,000. Finally, Verition Fund Management LLC bought a new stake in Braskem in the 3rd quarter valued at $123,000.

Braskem Company Profile

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.