Braskem S.A. (BAK) Sees Large Decline in Short Interest
Braskem S.A. (NYSE:BAK) was the target of a large drop in short interest during the month of September. As of September 15th, there was short interest totalling 514,245 shares, a drop of 65.7% from the August 31st total of 1,498,872 shares. Based on an average daily volume of 424,270 shares, the short-interest ratio is currently 1.2 days.
Braskem (NYSE:BAK) opened at 28.06 on Friday. The company has a market capitalization of $11.17 billion, a price-to-earnings ratio of 28.34 and a beta of 1.13. The firm’s 50-day moving average price is $25.82 and its 200 day moving average price is $22.58. Braskem has a 12-month low of $14.93 and a 12-month high of $29.07.
Several research analysts have recently issued reports on the company. Zacks Investment Research lowered Braskem from a “buy” rating to a “hold” rating in a research report on Tuesday, August 29th. BidaskClub lowered Braskem from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 27th. Finally, Morgan Stanley upgraded Braskem from an “equal weight” rating to an “overweight” rating in a research report on Monday, July 17th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $20.00.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. U S Global Investors Inc. acquired a new stake in Braskem during the 2nd quarter worth about $1,034,000. Tower Research Capital LLC TRC grew its holdings in Braskem by 10,474.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,574 shares of the energy company’s stock worth $219,000 after acquiring an additional 10,474 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in Braskem during the 2nd quarter worth about $246,000. State Street Corp grew its holdings in Braskem by 24.2% during the 2nd quarter. State Street Corp now owns 235,528 shares of the energy company’s stock worth $4,879,000 after acquiring an additional 45,876 shares during the period. Finally, Redwood Capital Management LLC acquired a new stake in Braskem during the 2nd quarter worth about $2,282,000. Institutional investors and hedge funds own 0.66% of the company’s stock.
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Braskem Company Profile
Braskem SA produces thermoplastic resins. The Company’s segments are Basic petrochemicals, Polyolefins, Vinyls, the United States and Europe, and Chemical distribution. It is also engaged in the import and export of chemicals, petrochemicals and fuels, the production, supply and sale of utilities such as steam, water, compressed air, industrial gases, the provision of industrial services, and the production, supply and sale of electric energy.
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