Braskem (NYSE:BAK) Shares Down 9.4% – Time to Sell?

Braskem S.A. (NYSE:BAK)’s share price was down 9.4% on Thursday . The stock traded as low as $2.67 and last traded at $2.6550. 632,392 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 2,459,676 shares. The stock had previously closed at $2.93.

Analyst Ratings Changes

Several brokerages have recently commented on BAK. 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. Bank of America downgraded shares of Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price objective on the stock. in a research report on Thursday, March 26th. Bradesco Corretora cut shares of Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price target on the stock. in a report on Tuesday, April 21st. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a research note on Monday, April 20th. Finally, Citigroup cut Braskem from a “neutral” rating to a “sell” rating in a research report on Thursday. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat.com, Braskem presently has an average rating of “Reduce” and a consensus price target of $3.40.

Braskem Stock Performance

The firm has a market capitalization of $996.50 million, a price-to-earnings ratio of -0.59, a price-to-earnings-growth ratio of 0.06 and a beta of 1.57. The business’s 50 day moving average is $3.85 and its 200-day moving average is $3.68.

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

Institutional Trading of Braskem

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Signaturefd LLC raised its position in shares of Braskem by 50.1% during the fourth quarter. Signaturefd LLC now owns 13,524 shares of the company’s stock valued at $40,000 after buying an additional 4,513 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Braskem by 444.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company’s stock worth $25,000 after acquiring an additional 7,003 shares during the period. Quadrant Capital Group LLC increased its position in shares of Braskem by 222.1% during the fourth 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 during the period. Virtu Financial LLC lifted its position in Braskem by 28.7% in the third quarter. Virtu Financial LLC now owns 44,587 shares of the company’s stock worth $108,000 after purchasing an additional 9,938 shares during the period. Finally, Cetera Investment Advisers acquired a new stake in Braskem during the first quarter worth $51,000.

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.