Braskem (NYSE:BAK) Trading Down 8.3% – Time to Sell?

Braskem S.A. (NYSE:BAK)’s stock price traded down 8.3% on Tuesday . The stock traded as low as $3.52 and last traded at $3.42. 340,651 shares were traded during trading, a decline of 86% from the average session volume of 2,402,698 shares. The stock had previously closed at $3.73.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Citigroup upgraded Braskem from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 1st. Zacks Research downgraded shares of Braskem from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Bank of America downgraded 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, March 26th. JPMorgan Chase & Co. upgraded shares of Braskem from a “neutral” rating to an “overweight” rating and set a $5.50 target price on the stock in a research note on Tuesday, May 12th. Finally, Bradesco Corretora downgraded shares of Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 target price on the stock. in a research note on Tuesday, April 21st. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $3.40.

Braskem Trading Down 13.8%

The business’s 50-day moving average price is $3.99 and its 200-day moving average price is $3.68. The stock has a market cap of $1.28 billion, a PE ratio of -0.76, a P/E/G ratio of 0.08 and a beta of 1.57.

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

Institutional Investors Weigh In On Braskem

Several institutional investors have recently bought and sold shares of the company. Bank of America Corp DE boosted its stake in Braskem by 178,471.4% in the first quarter. Bank of America Corp DE now owns 50,000 shares of the company’s stock valued at $183,000 after acquiring an additional 49,972 shares in the last quarter. Brooklands Fund Management Ltd acquired a new stake in Braskem in the first quarter valued at approximately $2,013,000. Cetera Investment Advisers acquired a new stake in Braskem in the first quarter valued at approximately $51,000. Private Advisor Group LLC acquired a new stake in Braskem in the first quarter worth about $157,000. Finally, SmartHarvest Portfolios LLC boosted its holdings in Braskem by 49.7% in the first quarter. SmartHarvest Portfolios LLC now owns 54,466 shares of the company’s stock worth $199,000 after acquiring an additional 18,085 shares in 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.