Braskem (NYSE:BAK) Sees Unusually-High Trading Volume – Still a Buy?

Braskem S.A. (NYSE:BAK) shares saw an uptick in trading volume on Friday . 2,723,130 shares were traded during trading, an increase of 17% from the previous session’s volume of 2,335,470 shares.The stock last traded at $3.5340 and had previously closed at $3.94.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BAK. Citigroup lowered Braskem from a “hold” rating to a “sell” rating in a research note on Monday, February 16th. Bank of America cut shares of Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 target price on the stock. in a research note on Thursday. Zacks Research lowered shares of Braskem from a “strong-buy” rating to a “hold” rating in a report on Monday, January 19th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Braskem in a research note on Wednesday, January 21st. Three investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Strong Sell” and an average price target of $3.87.

Braskem Trading Down 9.8%

The company has a market capitalization of $1.42 billion, a PE ratio of -1.56 and a beta of 1.84. The company has a fifty day simple moving average of $3.94 and a 200-day simple moving average of $3.23.

Hedge Funds Weigh In On Braskem

Institutional investors have recently bought and sold shares of the company. UBS Group AG boosted its holdings in Braskem by 2.6% in the 3rd quarter. UBS Group AG now owns 783,445 shares of the company’s stock valued at $1,896,000 after purchasing an additional 19,956 shares during the last quarter. State Street Corp increased its holdings in shares of Braskem by 7.2% during the 4th quarter. State Street Corp now owns 311,507 shares of the company’s stock worth $919,000 after buying an additional 20,805 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of Braskem by 619.5% during the 4th quarter. Renaissance Technologies LLC now owns 265,488 shares of the company’s stock worth $783,000 after buying an additional 228,588 shares during the last quarter. Jump Financial LLC raised its position in shares of Braskem by 607.1% during the 2nd quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock valued at $865,000 after buying an additional 226,467 shares during the period. Finally, Jane Street Group LLC lifted its holdings in Braskem by 193.6% in the fourth quarter. Jane Street Group LLC now owns 220,898 shares of the company’s stock valued at $652,000 after acquiring an additional 145,655 shares during 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.