Braskem (NYSE:BAK) Sees Strong Trading Volume – Time to Buy?

Shares of Braskem S.A. (NYSE:BAK) saw unusually-high trading volume on Friday . Approximately 2,723,130 shares traded hands during trading, an increase of 17% from the previous session’s volume of 2,335,470 shares.The stock last traded at $3.5340 and had previously closed at $3.94.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Bank of America downgraded Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price target on the stock. in a report on Thursday. Zacks Research cut Braskem from a “strong-buy” rating to a “hold” rating in a report on Monday, January 19th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a research report on Wednesday, January 21st. Finally, Citigroup lowered Braskem from a “hold” rating to a “sell” rating in a research note on Monday, February 16th. Three investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, Braskem presently has a consensus rating of “Strong Sell” and an average price target of $3.87.

Braskem Trading Down 10.5%

The company has a market capitalization of $1.41 billion, a PE ratio of -0.76 and a beta of 1.84. The firm’s 50-day simple moving average is $3.95 and its 200-day simple moving average is $3.23.

Institutional Trading of Braskem

A number of large investors have recently modified their holdings of the company. Jump Financial LLC grew its stake in Braskem by 607.1% in the second quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock worth $865,000 after purchasing an additional 226,467 shares in the last quarter. Jane Street Group LLC raised its position in Braskem by 130.3% during the 2nd quarter. Jane Street Group LLC now owns 49,301 shares of the company’s stock valued at $162,000 after purchasing an additional 27,891 shares in the last quarter. Ballentine Partners LLC purchased a new stake in shares of Braskem in the 3rd quarter worth $34,000. Van ECK Associates Corp purchased a new stake in shares of Braskem in the 3rd quarter worth $117,000. Finally, UBS Group AG grew its position in shares of Braskem by 2.6% during the 3rd quarter. UBS Group AG now owns 783,445 shares of the company’s stock worth $1,896,000 after buying an additional 19,956 shares in the last quarter.

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.