Braskem (NYSE:BAK) Trading Up 3.1% – Should You Buy?

Braskem S.A. (NYSE:BAK)’s stock price rose 3.1% on Wednesday . The stock traded as high as $3.89 and last traded at $3.81. Approximately 294,356 shares were traded during trading, a decline of 64% from the average daily 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 report on Monday, March 3rd.

Braskem Stock Performance

The firm’s 50-day simple moving average is $4.22 and its 200-day simple moving average is $5.09. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of -1.13 and a beta of 2.06.

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

Institutional Trading of Braskem

Several institutional investors have recently modified their holdings of the company. Dynamic Technology Lab Private Ltd bought a new position in Braskem in the third quarter worth $197,000. Quantbot Technologies LP raised its stake in shares of Braskem by 174.9% in the 3rd quarter. Quantbot Technologies LP now owns 71,952 shares of the company’s stock valued at $528,000 after buying an additional 45,782 shares in the last quarter. Walleye Capital LLC bought a new position in shares of Braskem during the 3rd quarter worth about $2,341,000. Verition Fund Management LLC acquired a new stake in shares of Braskem during the 3rd quarter valued at about $123,000. Finally, Point72 Asset Management L.P. increased its stake in Braskem by 329.1% in the third quarter. Point72 Asset Management L.P. now owns 176,800 shares of the company’s stock valued at $1,298,000 after acquiring an additional 135,600 shares during the period.

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.