Braskem S.A. (NYSE:BAK) Short Interest Up 77.0% in August

Braskem S.A. (NYSE:BAK) was the target of a significant growth in short interest during the month of August. As of August 31st, there was short interest totaling 6,059,110 shares, a growth of 77.0% from the August 15th total of 3,422,532 shares. Based on an average daily volume of 3,731,655 shares, the days-to-cover ratio is presently 1.6 days. Currently, 1.5% of the shares of the company are short sold.

Braskem Trading Up 0.8%

Shares of BAK traded up $0.01 during midday trading on Thursday, reaching $1.78. 970,937 shares of the company were exchanged, compared to its average volume of 2,722,957. Braskem has a 1-year low of $1.40 and a 1-year high of $5.39. The stock has a 50-day moving average price of $2.13 and a 200-day moving average price of $3.21. The company has a market cap of $711.50 million, a price-to-earnings ratio of 0.63, a P/E/G ratio of 0.11 and a beta of 1.56.

Braskem (NYSE:BAK) last issued its quarterly earnings data on Friday, June 26th. The company reported $1.61 earnings per share (EPS) for the quarter. Braskem had a negative net margin of 7.28% and a negative return on equity of 67.75%. The company had revenue of $4.20 billion during the quarter. Equities research analysts anticipate that Braskem will post 1.58 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on BAK shares. Citigroup cut Braskem from a “neutral” rating to a “sell” rating in a research report on Thursday, June 25th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Braskem in a report on Friday, July 17th. JPMorgan Chase & Co. lowered shares of Braskem from an “overweight” rating to a “neutral” rating in a research report on Tuesday, June 30th. Finally, UBS Group lowered Braskem from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $4.00 to $1.50 in a research note on Tuesday. Two analysts have rated the stock with a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat.com, Braskem presently has an average rating of “Strong Sell” and a consensus target price of $2.83.

Institutional Trading of Braskem

Several institutional investors have recently added to or reduced their stakes in the stock. Engineers Gate Manager LP raised its stake in shares of Braskem by 192.8% in the 2nd quarter. Engineers Gate Manager LP now owns 68,198 shares of the company’s stock valued at $166,000 after purchasing an additional 44,905 shares in the last quarter. Citadel Advisors LLC bought a new stake in shares of Braskem in the 2nd quarter worth approximately $89,000. Ramsey Quantitative Systems bought a new stake in Braskem in the second quarter valued at $155,000. Bank of America Corp DE grew its position in shares of Braskem by 178,471.4% during the first quarter. Bank of America Corp DE now owns 50,000 shares of the company’s stock worth $183,000 after acquiring an additional 49,972 shares during the last quarter. Finally, Brooklands Fund Management Ltd bought a new position in shares of Braskem during the first quarter worth about $2,013,000.

About Braskem

Braskem SA is a Brazilian petrochemical company headquartered in São Paulo. Established in 2002 through the combination of Odebrecht Química and the petrochemical company Copene, Braskem has developed into one of Latin America’s major producers of thermoplastic resins and basic petrochemicals.

The company manufactures polyethylene, polypropylene and polyvinyl chloride (PVC), which are used in packaging, construction, automotive components, consumer goods and other industrial applications.