Braskem (NYSE:BAK) Stock Price Down 9.4% – Here’s What Happened

Braskem S.A. (NYSE:BAK)’s stock price traded down 9.4% during mid-day trading on Thursday . The company traded as low as $2.67 and last traded at $2.6550. Approximately 632,392 shares were traded 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 Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Bank of America downgraded shares of Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price target on the stock. in a report on Thursday, March 26th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Braskem in a research report on Monday, April 20th. Bradesco Corretora lowered 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. Citigroup upgraded Braskem from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 1st. Finally, JPMorgan Chase & Co. upgraded Braskem from a “neutral” rating to an “overweight” rating and set a $5.50 price target for the company in a research note on Tuesday, May 12th. One investment 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 data from MarketBeat, Braskem presently has an average rating of “Reduce” and a consensus price target of $3.40.

Braskem Price Performance

The stock has a market cap of $1.04 billion, a price-to-earnings ratio of -0.61, a PEG ratio of 0.06 and a beta of 1.57. The firm has a fifty day moving average of $3.90 and a 200 day moving average of $3.69.

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

Institutional Investors Weigh In On Braskem

A number of hedge funds have recently modified their holdings of BAK. UBS Group AG raised its stake in Braskem by 2.6% during the third quarter. UBS Group AG now owns 783,445 shares of the company’s stock worth $1,896,000 after purchasing an additional 19,956 shares during the period. Brooklands Fund Management Ltd purchased a new stake in shares of Braskem in the 1st quarter valued at approximately $2,013,000. State Street Corp increased its holdings in shares of Braskem by 7.2% during the 4th quarter. State Street Corp now owns 311,507 shares of the company’s stock worth $919,000 after buying an additional 20,805 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of Braskem by 619.5% during the 4th quarter. Renaissance Technologies LLC now owns 265,488 shares of the company’s stock worth $783,000 after buying an additional 228,588 shares during the last quarter. Finally, Jump Financial LLC raised its position in shares of Braskem by 607.1% during the 2nd quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock valued at $865,000 after buying an additional 226,467 shares during the period.

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.