Braskem (NYSE:BAK) Shares Down 11.7% – Here’s What Happened

Braskem S.A. (NYSE:BAK) shares dropped 11.7% during mid-day trading on Thursday . The company traded as low as $3.37 and last traded at $3.7950. Approximately 3,608,204 shares changed hands during mid-day trading, an increase of 118% from the average daily volume of 1,657,489 shares. The stock had previously closed at $4.30.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on BAK shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Braskem in a research report on Wednesday, January 21st. Zacks Research cut shares of Braskem from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 19th. Finally, Santander downgraded shares of Braskem from a “neutral” rating to an “underperform” rating in a report on Thursday, October 16th. Five equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Braskem currently has a consensus rating of “Reduce” and an average price target of $4.40.

Braskem Trading Down 13.3%

The company has a market cap of $1.49 billion, a price-to-earnings ratio of -1.64 and a beta of 1.89. The company has a fifty day moving average price of $3.19 and a two-hundred day moving average price of $3.01.

Braskem (NYSE:BAK) last issued its earnings results on Wednesday, November 12th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.48) by $0.46. The firm had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.23 billion. Sell-side analysts anticipate that Braskem S.A. will post -0.77 EPS for the current fiscal year.

Hedge Funds Weigh In On Braskem

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Signaturefd LLC boosted its position in shares of Braskem by 50.1% during the 4th quarter. Signaturefd LLC now owns 13,524 shares of the company’s stock valued at $40,000 after acquiring an additional 4,513 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Braskem by 444.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company’s stock worth $25,000 after purchasing an additional 7,003 shares in the last quarter. Virtu Financial LLC lifted its stake in Braskem by 28.7% during the third quarter. Virtu Financial LLC now owns 44,587 shares of the company’s stock worth $108,000 after purchasing an additional 9,938 shares during the period. Ballentine Partners LLC acquired a new stake in Braskem during the third quarter valued at approximately $34,000. Finally, Evergreen Capital Management LLC bought a new stake in shares of Braskem in the 4th quarter valued at approximately $44,000.

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.