Braskem S.A. (NYSE:BAK) Sees Significant Decrease in Short Interest

Braskem S.A. (NYSE:BAK) saw a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 1,540,000 shares, a decrease of 13.0% from the August 15th total of 1,770,000 shares. Based on an average daily volume of 662,100 shares, the short-interest ratio is presently 2.3 days.

Braskem Stock Up 5.2 %

Shares of Braskem stock traded up $0.36 during trading hours on Wednesday, hitting $7.27. The company had a trading volume of 2,232,286 shares, compared to its average volume of 854,763. The company has a debt-to-equity ratio of 23.25, a current ratio of 1.31 and a quick ratio of 0.84. The company’s 50-day moving average is $6.43 and its two-hundred day moving average is $7.52. The company has a market cap of $3.28 billion, a P/E ratio of -2.25 and a beta of 2.02. Braskem has a twelve month low of $5.28 and a twelve month high of $10.98.

Braskem (NYSE:BAK) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.78) by $0.30. Braskem had a negative net margin of 12.98% and a negative return on equity of 276.59%. The company had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.56 billion. Analysts anticipate that Braskem will post -1.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BAK. Point72 Asset Management L.P. lifted its stake in Braskem by 60.9% in the second quarter. Point72 Asset Management L.P. now owns 41,200 shares of the company’s stock valued at $266,000 after buying an additional 15,600 shares during the last quarter. Boston Partners purchased a new stake in Braskem in the 1st quarter valued at $627,000. Jump Financial LLC boosted its stake in Braskem by 4.3% during the 4th quarter. Jump Financial LLC now owns 67,392 shares of the company’s stock worth $594,000 after purchasing an additional 2,790 shares during the period. American Century Companies Inc. grew its position in Braskem by 1.6% during the 2nd quarter. American Century Companies Inc. now owns 111,968 shares of the company’s stock worth $722,000 after purchasing an additional 1,807 shares during the last quarter. Finally, Trexquant Investment LP grew its position in Braskem by 197.1% during the 4th quarter. Trexquant Investment LP now owns 141,852 shares of the company’s stock worth $1,251,000 after purchasing an additional 94,099 shares during the last quarter.

Analysts Set New Price Targets

Several research firms have recently issued reports on BAK. UBS Group raised shares of Braskem from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $7.70 to $10.00 in a research report on Wednesday. JPMorgan Chase & Co. decreased their price target on Braskem from $10.00 to $9.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th. Finally, Citigroup upgraded Braskem from a “neutral” rating to a “buy” rating in a report on Tuesday, August 20th.

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.