Braskem (NYSE:BAK) Trading 8.7% Higher – Still a Buy?

Braskem S.A. (NYSE:BAK)’s stock price traded up 8.7% on Friday . The company traded as high as $3.12 and last traded at $3.1750. 460,278 shares traded hands during trading, a decline of 53% from the average session volume of 970,162 shares. The stock had previously closed at $2.92.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Zacks Research upgraded shares of Braskem from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 29th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a research report on Wednesday, October 8th. Santander downgraded Braskem from a “neutral” rating to an “underperform” rating in a research note on Thursday, October 16th. UBS Group lowered Braskem from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $5.10 to $3.80 in a report on Friday, September 26th. Finally, Citigroup downgraded Braskem from a “buy” rating to a “hold” rating in a report on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Braskem currently has a consensus rating of “Hold” and an average price target of $4.40.

Braskem Price Performance

The business’s 50-day simple moving average is $2.88 and its 200 day simple moving average is $2.99.

Braskem (NYSE:BAK) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.46. The firm had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.23 billion. On average, equities analysts expect that Braskem S.A. will post -0.77 earnings per share for the current year.

Institutional Investors Weigh In On Braskem

Large investors have recently made changes to their positions in the company. Ballentine Partners LLC bought a new position in shares of Braskem in the 3rd quarter worth approximately $34,000. Brevan Howard Capital Management LP purchased a new stake in Braskem during the third quarter valued at approximately $64,000. Dark Forest Capital Management LP raised its position in Braskem by 94.7% in the third quarter. Dark Forest Capital Management LP now owns 32,127 shares of the company’s stock worth $78,000 after acquiring an additional 15,630 shares during the period. Virtu Financial LLC boosted its stake in shares of Braskem by 28.7% during the 3rd quarter. Virtu Financial LLC now owns 44,587 shares of the company’s stock worth $108,000 after acquiring an additional 9,938 shares during the last quarter. Finally, Van ECK Associates Corp bought a new stake in shares of Braskem during the 3rd quarter valued at $117,000.

Braskem Company Profile

Braskem (NYSE:BAK) is a leading integrated petrochemical company based in São Paulo, Brazil, and holds the distinction of being the largest thermoplastic resins producer in Latin America. The company operates across the entire value chain, from feedstock sourcing and polymer production to distribution and recycling. Braskem’s comprehensive approach to petrochemical manufacturing enables it to serve a diverse set of end markets with a broad portfolio of products.

Braskem’s core product lines include polypropylene, polyethylene and polyvinyl chloride (PVC), which are used in industries such as packaging, automotive, construction and electrical & electronics.