Braskem (NYSE:BAK) Trading 3.1% Higher - Here's Why

Braskem S.A. (NYSE:BAK - Get Free Report)'s stock price shot up 3.1% during trading on Wednesday . The company traded as high as $3.89 and last traded at $3.81. 294,356 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 828,933 shares. The stock had previously closed at $3.69.

Analyst Upgrades and Downgrades

Separately, Scotiabank downgraded Braskem from a "sector outperform" rating to a "sector perform" rating in a research note on Monday, March 3rd.

Braskem Stock Down 3.3 %

The company has a market cap of $1.57 billion, a P/E ratio of -1.11 and a beta of 2.06. The firm's 50-day moving average price is $4.22 and its 200-day moving average price is $5.05.

Braskem (NYSE:BAK - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.39) earnings per share (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 company had revenue of $3.28 billion for the quarter, compared to analysts' expectations of $3.52 billion. As a group, analysts forecast that Braskem S.A. will post -0.77 earnings per share for the current year.

Institutional Trading of Braskem

Institutional investors and hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its holdings in shares of Braskem by 876.1% in the third quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company's stock worth $40,000 after purchasing an additional 4,871 shares during the period. R Squared Ltd purchased a new stake in Braskem during the fourth quarter valued at about $44,000. Blue Trust Inc. lifted its position in Braskem by 2,510.3% in the 4th quarter. Blue Trust Inc. now owns 13,130 shares of the company's stock worth $51,000 after buying an additional 12,627 shares during the last quarter. Signaturefd LLC bought a new stake in shares of Braskem in the 4th quarter worth approximately $53,000. Finally, Dark Forest Capital Management LP purchased a new stake in Braskem during the fourth quarter valued at about $71,000.

Remove Ads

Braskem Company Profile

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.