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

Braskem S.A. (NYSE:BAK) saw a significant increase in short interest in the month of November. As of November 15th, there was short interest totalling 1,860,000 shares, an increase of 19.2% from the October 31st total of 1,560,000 shares. Based on an average daily trading volume, of 675,500 shares, the short-interest ratio is currently 2.8 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BAK. MQS Management LLC purchased a new stake in Braskem in the third quarter valued at about $77,000. Virtu Financial LLC acquired a new position in shares of Braskem during the third quarter valued at about $88,000. Verition Fund Management LLC purchased a new position in shares of Braskem in the 3rd quarter valued at approximately $123,000. Dynamic Technology Lab Private Ltd acquired a new stake in Braskem in the 3rd quarter worth approximately $197,000. Finally, Point72 Asset Management L.P. grew its position in Braskem by 60.9% during the 2nd quarter. Point72 Asset Management L.P. now owns 41,200 shares of the company’s stock worth $266,000 after purchasing an additional 15,600 shares during the last quarter.

Wall Street Analysts Forecast Growth

BAK has been the topic of a number of analyst reports. JPMorgan Chase & Co. cut their price target on Braskem from $10.00 to $9.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. UBS Group upgraded Braskem from a “neutral” rating to a “buy” rating and lifted their target price for the company from $7.70 to $10.00 in a research note on Wednesday, September 18th. Finally, Citigroup raised shares of Braskem from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 20th.

Braskem Price Performance

Shares of BAK stock opened at $5.02 on Friday. Braskem has a 12-month low of $4.68 and a 12-month high of $10.98. The business’s fifty day simple moving average is $6.19 and its 200-day simple moving average is $6.50. The company has a quick ratio of 0.76, a current ratio of 1.28 and a debt-to-equity ratio of 23.25.

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.