Braskem (NYSE:BAK) Stock Price Down 2.2% – Here’s Why

Braskem S.A. (NYSE:BAK)’s stock price dropped 2.2% during trading on Wednesday . The stock traded as low as $3.28 and last traded at $3.34. Approximately 1,151,122 shares traded hands during mid-day trading, an increase of 34% from the average daily volume of 859,820 shares. The stock had previously closed at $3.41.

Braskem Trading Down 2.2%

The firm has a market cap of $1.33 billion, a P/E ratio of -0.80 and a beta of 1.69. The company’s fifty day moving average price is $3.61 and its two-hundred day moving average price is $3.84.

Braskem (NYSE:BAK) last released its quarterly earnings results on Monday, May 12th. The company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.27. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $22.86 billion. On average, analysts predict that Braskem S.A. will post -0.77 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BAK. Signaturefd LLC acquired a new position in Braskem during the 4th quarter worth $53,000. Ballentine Partners LLC acquired a new position in Braskem during the 1st quarter worth $58,000. R Squared Ltd lifted its holdings in Braskem by 55.2% during the 1st quarter. R Squared Ltd now owns 17,600 shares of the company’s stock worth $68,000 after buying an additional 6,260 shares in the last quarter. Dark Forest Capital Management LP acquired a new position in Braskem during the 4th quarter worth $71,000. Finally, HighTower Advisors LLC lifted its holdings in Braskem by 19.4% during the 4th quarter. HighTower Advisors LLC now owns 19,213 shares of the company’s stock worth $74,000 after buying an additional 3,126 shares in the last quarter.

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.