Braskem (NYSE:BAK) Stock Price Up 5.8% – Time to Buy?

Braskem S.A. (NYSE:BAK)’s share price shot up 5.8% during trading on Wednesday . The stock traded as high as $2.46 and last traded at $2.4550. 596,424 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 2,423,825 shares. The stock had previously closed at $2.32.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on BAK shares. Bradesco Corretora cut 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. Zacks Research downgraded shares of Braskem from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 18th. JPMorgan Chase & Co. lowered shares of Braskem from an “overweight” rating to a “neutral” rating in a research note on Tuesday, June 30th. Bank of America cut shares of Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 target price for the company. in a report on Thursday, March 26th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Braskem in a research note on Friday, July 17th. Three investment analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat, Braskem presently has a consensus rating of “Strong Sell” and an average price target of $3.40.

Braskem Trading Up 1.6%

The company’s 50 day moving average price is $3.34 and its two-hundred day moving average price is $3.63. The stock has a market cap of $984.14 million, a P/E ratio of -0.59, a PEG ratio of 0.14 and a beta of 1.61.

Braskem (NYSE:BAK) last posted its quarterly earnings data on Thursday, May 14th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.48. Braskem had a negative net margin of 13.72% and a negative return on equity of 23.17%. The company had revenue of $3.51 billion for the quarter, compared to the consensus estimate of $3.39 billion. On average, sell-side analysts anticipate that Braskem S.A. will post 1.64 earnings per share for the current year.

Institutional Investors Weigh In On Braskem

A number of hedge funds have recently modified their holdings of BAK. EverSource Wealth Advisors LLC increased its stake in shares of Braskem by 444.4% in the 4th 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. Quadrant Capital Group LLC grew its holdings in Braskem by 222.1% during the fourth quarter. Quadrant Capital Group LLC now owns 12,809 shares of the company’s stock valued at $38,000 after purchasing an additional 8,832 shares during the period. Signaturefd LLC grew its holdings in Braskem by 50.1% during the fourth quarter. Signaturefd LLC now owns 13,524 shares of the company’s stock valued at $40,000 after purchasing an additional 4,513 shares during the period. Evergreen Capital Management LLC purchased a new stake in Braskem in the fourth quarter worth about $44,000. Finally, Cetera Investment Advisers purchased a new stake in Braskem in the first quarter worth about $51,000.

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.