Braskem (NYSE:BAK) Stock Price Up 3.1% – What’s Next?

Braskem S.A. (NYSE:BAK)’s share price traded up 3.1% during trading on Wednesday . The company traded as high as $3.89 and last traded at $3.81. 294,356 shares were traded during mid-day trading, a decline of 64% from the average session volume of 828,933 shares. The stock had previously closed at $3.69.

Wall Street Analysts Forecast Growth

Separately, Scotiabank lowered Braskem from a “sector outperform” rating to a “sector perform” rating in a research report on Monday, March 3rd.

Braskem Stock Performance

The business has a 50 day simple moving average of $4.22 and a 200-day simple moving average of $5.08. The firm has a market cap of $1.62 billion, a price-to-earnings ratio of -1.15 and a beta of 2.06.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BAK. Walleye Capital LLC purchased a new position in shares of Braskem in the 3rd quarter worth approximately $2,341,000. Covalis Capital LLP lifted its holdings in Braskem by 27.1% during the fourth quarter. Covalis Capital LLP now owns 1,173,852 shares of the company’s stock worth $4,531,000 after acquiring an additional 250,215 shares during the period. Renaissance Technologies LLC boosted its position in Braskem by 126.1% in the fourth quarter. Renaissance Technologies LLC now owns 329,910 shares of the company’s stock worth $1,273,000 after purchasing an additional 184,010 shares during the last quarter. Trexquant Investment LP grew its stake in Braskem by 145.8% in the 4th quarter. Trexquant Investment LP now owns 258,638 shares of the company’s stock valued at $998,000 after purchasing an additional 153,401 shares during the period. Finally, Point72 Asset Management L.P. increased its position in shares of Braskem by 329.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 176,800 shares of the company’s stock valued at $1,298,000 after purchasing an additional 135,600 shares during the last quarter.

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.