Braskem (NYSE:BAK) Trading Up 7.9% – Here’s Why

Braskem S.A. (NYSE:BAK) shares shot up 7.9% during trading on Wednesday . The stock traded as high as $3.54 and last traded at $3.5940. 590,036 shares were traded during mid-day trading, a decline of 76% from the average session volume of 2,441,782 shares. The stock had previously closed at $3.33.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Bradesco Corretora cut Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price objective on the stock. in a research report on Tuesday, April 21st. JPMorgan Chase & Co. raised Braskem from a “neutral” rating to an “overweight” rating and set a $5.50 target price for the company in a research report on Tuesday, May 12th. Weiss Ratings restated a “sell (e+)” rating on shares of Braskem in a research note on Monday, April 20th. Citigroup upgraded Braskem from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 1st. Finally, Zacks Research cut Braskem from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $3.40.

Braskem Trading Down 12.6%

The company has a market capitalization of $1.17 billion, a P/E ratio of -0.70, a price-to-earnings-growth ratio of 0.07 and a beta of 1.57. The company’s 50 day moving average is $3.97 and its 200-day moving average is $3.69.

Braskem (NYSE:BAK) last posted its quarterly earnings data on Thursday, May 14th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.21 by $0.48. The business had revenue of $3.51 billion for the quarter, compared to analyst estimates of $3.39 billion. Braskem had a negative net margin of 13.72% and a negative return on equity of 23.17%. Analysts predict that Braskem S.A. will post 3.15 EPS for the current fiscal year.

Institutional Trading of Braskem

Several hedge funds and other institutional investors have recently made changes to their positions in BAK. EverSource Wealth Advisors LLC increased its position in 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 buying an additional 7,003 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in Braskem by 222.1% in the fourth quarter. Quadrant Capital Group LLC now owns 12,809 shares of the company’s stock worth $38,000 after acquiring an additional 8,832 shares in the last quarter. Signaturefd LLC grew its stake in shares of Braskem by 50.1% in the fourth quarter. Signaturefd LLC now owns 13,524 shares of the company’s stock worth $40,000 after acquiring an additional 4,513 shares during the last quarter. Evergreen Capital Management LLC purchased a new stake in shares of Braskem in the fourth quarter worth $44,000. Finally, Cetera Investment Advisers bought a new position in shares of Braskem during the first quarter valued at $51,000.

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.