Braskem S.A. (NYSE:BAK) Short Interest Up 39.6% in December

Braskem S.A. (NYSE:BAK) was the target of a significant growth in short interest in the month of December. As of December 31st, there was short interest totaling 3,320,975 shares, a growth of 39.6% from the December 15th total of 2,379,325 shares. Approximately 0.8% of the company’s stock are short sold. Based on an average daily volume of 864,416 shares, the days-to-cover ratio is currently 3.8 days. Based on an average daily volume of 864,416 shares, the days-to-cover ratio is currently 3.8 days. Approximately 0.8% of the company’s stock are short sold.

Hedge Funds Weigh In On Braskem

Several hedge funds have recently made changes to their positions in the stock. Jump Financial LLC lifted its holdings in Braskem by 607.1% during the 2nd quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock worth $865,000 after purchasing an additional 226,467 shares in the last quarter. Van ECK Associates Corp bought a new position in Braskem in the 3rd quarter valued at $117,000. Centric Wealth Management purchased a new position in shares of Braskem during the 2nd quarter valued at $128,000. Creative Planning increased its holdings in shares of Braskem by 145.0% in the third quarter. Creative Planning now owns 56,790 shares of the company’s stock worth $137,000 after purchasing an additional 33,614 shares during the period. Finally, Jane Street Group LLC raised its position in shares of Braskem by 130.3% in the second quarter. Jane Street Group LLC now owns 49,301 shares of the company’s stock worth $162,000 after buying an additional 27,891 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BAK. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a research note on Wednesday, October 8th. Santander lowered shares of Braskem from a “neutral” rating to an “underperform” rating in a report on Thursday, October 16th. Zacks Research upgraded Braskem from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 29th. UBS Group downgraded Braskem from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $5.10 to $3.80 in a research note on Friday, September 26th. Finally, Citigroup lowered Braskem from a “buy” rating to a “hold” rating in a report on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Braskem presently has a consensus rating of “Hold” and a consensus target price of $4.40.

Braskem Price Performance

NYSE BAK traded down $0.22 during trading on Monday, hitting $3.09. 1,728,613 shares of the company’s stock traded hands, compared to its average volume of 989,381. Braskem has a 12-month low of $2.32 and a 12-month high of $5.10. The business has a 50 day moving average of $2.95 and a 200-day moving average of $2.98.

Braskem (NYSE:BAK) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.48) by $0.46. The business had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.23 billion. Research analysts predict that Braskem will post -0.77 earnings per share for the current year.

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.