Braskem (NYSE:BAK) Stock Price Down 2.4% - What's Next?

Braskem S.A. (NYSE:BAK - Get Free Report) dropped 2.4% during trading on Tuesday . The company traded as low as $3.38 and last traded at $3.40. Approximately 57,469 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 811,562 shares. The stock had previously closed at $3.48.

Analyst Ratings Changes

Separately, Scotiabank lowered shares of Braskem from a "sector outperform" rating to a "sector perform" rating in a research report on Monday, March 3rd.

Braskem Stock Performance

The business has a 50 day simple moving average of $3.78 and a 200-day simple moving average of $4.63. The firm has a market capitalization of $1.38 billion, a price-to-earnings ratio of -0.97 and a beta of 1.80.

Braskem (NYSE:BAK - Get Free Report) last issued its earnings results on Thursday, February 27th. The company reported ($0.39) EPS for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.01). Braskem had a negative return on equity of 439.59% and a negative net margin of 9.88%. The firm had revenue of $3.28 billion for the quarter, compared to analysts' expectations of $3.52 billion. Equities analysts predict that Braskem S.A. will post -0.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Braskem

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its holdings in Braskem by 654.9% in the 1st quarter. GAMMA Investing LLC now owns 19,824 shares of the company's stock valued at $76,000 after buying an additional 17,198 shares during the period. Squarepoint Ops LLC acquired a new position in shares of Braskem in the 4th quarter worth approximately $164,000. Point72 Asset Management L.P. boosted its position in shares of Braskem by 2.3% during the 4th quarter. Point72 Asset Management L.P. now owns 180,900 shares of the company's stock worth $698,000 after purchasing an additional 4,100 shares during the period. Balyasny Asset Management L.P. increased its holdings in Braskem by 55.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 46,445 shares of the company's stock valued at $179,000 after purchasing an additional 16,545 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in Braskem by 431.0% during the fourth quarter. Bank of America Corp DE now owns 134,824 shares of the company's stock worth $520,000 after purchasing an additional 109,433 shares in the last quarter.

About Braskem

Braskem SA, together with its subsidiaries, produces and sells thermoplastic resins. The company operates through three segments: Brazil, United States and Europe, and Mexico. The Brazil segment produces and sells olefins, including ethylene, polymer and chemical grade propylene, butadiene, and butene-1; benzene, toluene, and xylenes products; fuels, such as automotive gasoline, liquefied petroleum gas, ethyl tertiary-butyl ether, and methyl tertiary-butyl ether; intermediates, such as cumene; aliphatics, aromatics, and hydrogenated solvents; and specialties comprising isoprene, dicyclopentadiene, piperylene, nonene, tetramer, polyisobutylene, and hydrocarbon resins.