Braskem (NYSE:BAK) Shares Gap Up After Analyst Upgrade

Braskem S.A. (NYSE:BAK) shares gapped up before the market opened on Tuesday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. The stock had previously closed at $3.80, but opened at $4.14. JPMorgan Chase & Co. now has a $5.50 price target on the stock. Braskem shares last traded at $4.4960, with a volume of 2,039,170 shares changing hands.

BAK has been the subject of a number of other reports. Bradesco Corretora cut Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price target for the company. in a research note on Tuesday, April 21st. Zacks Research upgraded shares of Braskem from a “hold” rating to a “strong-buy” rating in a report on Monday, April 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a research note on Monday, April 20th. Bank of America lowered shares of Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 target price on the stock. in a report on Thursday, March 26th. Finally, Citigroup raised shares of Braskem from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 1st. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Braskem presently has a consensus rating of “Reduce” and a consensus price target of $3.40.

Institutional Trading of Braskem

A number of hedge funds and other institutional investors have recently made changes to their positions in BAK. EverSource Wealth Advisors LLC lifted its position in shares of Braskem by 444.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company’s stock worth $25,000 after purchasing an additional 7,003 shares in the last quarter. Quadrant Capital Group LLC grew its holdings 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 acquiring an additional 8,832 shares in the last quarter. Signaturefd LLC boosted its position in 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 purchasing an additional 4,513 shares during the last quarter. Ballentine Partners LLC bought a new position in Braskem in the third quarter valued at approximately $34,000. Finally, Evergreen Capital Management LLC bought a new position in shares of Braskem in the fourth quarter valued at $44,000.

Braskem Price Performance

The stock has a market capitalization of $1.80 billion, a P/E ratio of -0.98 and a beta of 1.56. The company’s 50-day simple moving average is $3.93 and its 200-day simple moving average is $3.40.

Braskem (NYSE:BAK) last announced its quarterly earnings data on Saturday, February 14th. The company reported ($2.33) EPS for the quarter. The firm had revenue of $2.56 billion during the quarter. Braskem had a negative net margin of 14.53% and a negative return on equity of 21.95%. On average, analysts forecast that Braskem S.A. will post -2 earnings per share for the current fiscal year.

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.