Braskem (NYSE:BAK) Sets New 52-Week Low – Time to Sell?

Shares of Braskem S.A. (NYSE:BAK) hit a new 52-week low during trading on Thursday . The stock traded as low as $3.92 and last traded at $3.98, with a volume of 1366840 shares changing hands. The stock had previously closed at $4.27.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. UBS Group upgraded shares of Braskem from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $7.70 to $10.00 in a report on Wednesday, September 18th. JPMorgan Chase & Co. cut their target price on Braskem from $10.00 to $9.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th.

Braskem Trading Down 6.8 %

The firm has a 50-day moving average price of $5.53 and a 200-day moving average price of $6.25. The company has a current ratio of 1.28, a quick ratio of 0.76 and a debt-to-equity ratio of 23.25. The stock has a market capitalization of $1.80 billion, a PE ratio of -1.12 and a beta of 1.98.

Institutional Trading of Braskem

Hedge funds have recently added to or reduced their stakes in the stock. MBB Public Markets I LLC grew its position in shares of Braskem by 69.5% during the 2nd quarter. MBB Public Markets I LLC now owns 1,597,293 shares of the company’s stock valued at $10,303,000 after acquiring an additional 654,806 shares during the period. Walleye Capital LLC bought a new position in Braskem during the third quarter valued at $2,341,000. Marshall Wace LLP increased 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 buying an additional 240,744 shares during the last quarter. Point72 Asset Management L.P. raised its stake in shares of 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 buying an additional 135,600 shares during the period. Finally, Jane Street Group LLC raised its stake in shares of Braskem by 106.8% in the third quarter. Jane Street Group LLC now owns 90,736 shares of the company’s stock valued at $666,000 after buying an additional 46,858 shares during the period.

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.