Braskem (NYSE:BAK) Stock Price Up 3.1% – Here’s Why

Braskem S.A. (NYSE:BAK) was up 3.1% during trading on Wednesday . The company traded as high as $3.89 and last traded at $3.81. Approximately 294,356 shares changed hands during trading, a decline of 64% from the average daily volume of 828,933 shares. The stock had previously closed at $3.69.

Wall Street Analysts Forecast Growth

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

Braskem Trading Up 8.0 %

The business has a 50 day moving average price of $4.22 and a 200 day moving average price of $5.09. The company has a market capitalization of $1.59 billion, a P/E ratio of -1.13 and a beta of 2.06.

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

Institutional Trading of Braskem

Hedge funds have recently added to or reduced their stakes in the business. HighTower Advisors LLC increased its holdings in shares of Braskem by 19.4% in the fourth quarter. HighTower Advisors LLC now owns 19,213 shares of the company’s stock worth $74,000 after acquiring an additional 3,126 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in 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 buying an additional 4,100 shares during the period. JPMorgan Chase & Co. lifted its stake in Braskem by 876.1% in the third quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company’s stock valued at $40,000 after buying an additional 4,871 shares in the last quarter. State Street Corp boosted its holdings in shares of Braskem by 2.3% in the third quarter. State Street Corp now owns 228,110 shares of the company’s stock valued at $1,674,000 after buying an additional 5,124 shares during the period. Finally, R Squared Ltd bought a new stake in shares of Braskem during the fourth quarter worth $44,000.

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.