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

Braskem S.A. (NYSE:BAK) was the recipient of a large growth in short interest in the month of December. As of December 15th, there was short interest totalling 1,990,000 shares, a growth of 25.2% from the November 30th total of 1,590,000 shares. Based on an average trading volume of 814,800 shares, the days-to-cover ratio is currently 2.4 days.

Analyst Ratings Changes

Several research firms recently weighed in on BAK. JPMorgan Chase & Co. cut their price objective on Braskem from $10.00 to $9.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. UBS Group raised Braskem from a “neutral” rating to a “buy” rating and increased their price objective for the company from $7.70 to $10.00 in a research report on Wednesday, September 18th.

Hedge Funds Weigh In On Braskem

Several large investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. lifted its holdings in shares of Braskem by 329.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 176,800 shares of the company’s stock worth $1,298,000 after acquiring an additional 135,600 shares during the period. Marshall Wace LLP raised its position in Braskem by 872.0% in the second quarter. Marshall Wace LLP now owns 268,352 shares of the company’s stock worth $1,731,000 after purchasing an additional 240,744 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Braskem in the third quarter worth about $197,000. American Century Companies Inc. lifted its stake in Braskem by 1.6% during the second 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 period. Finally, MBB Public Markets I LLC boosted its holdings in Braskem by 69.5% during the second quarter. MBB Public Markets I LLC now owns 1,597,293 shares of the company’s stock valued at $10,303,000 after purchasing an additional 654,806 shares in the last quarter.

Braskem Price Performance

Shares of BAK opened at $3.80 on Tuesday. The company has a debt-to-equity ratio of 23.25, a quick ratio of 0.76 and a current ratio of 1.28. The company has a 50-day simple moving average of $5.16 and a 200-day simple moving average of $6.11. Braskem has a 52 week low of $3.70 and a 52 week high of $10.98. The firm has a market capitalization of $1.51 billion, a P/E ratio of -1.07 and a beta of 1.98.

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.