Braskem S.A. (NYSE:BAK – Get Free Report) was the recipient of a large decrease in short interest in August. As of August 31st, there was short interest totalling 1,540,000 shares, a decrease of 13.0% from the August 15th total of 1,770,000 shares. Based on an average daily trading volume, of 662,100 shares, the days-to-cover ratio is presently 2.3 days.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on BAK. 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 report on Tuesday, September 10th. Citigroup upgraded shares of Braskem from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 20th. Finally, UBS Group raised shares of Braskem from a “neutral” rating to a “buy” rating and increased their target price for the company from $7.70 to $10.00 in a research note on Wednesday.
Get Our Latest Analysis on BAK
Institutional Inflows and Outflows
Braskem Trading Up 5.2 %
Shares of NYSE:BAK traded up $0.36 during trading hours on Wednesday, hitting $7.27. 2,232,286 shares of the company’s stock traded hands, compared to its average volume of 854,763. The company has a debt-to-equity ratio of 23.25, a current ratio of 1.31 and a quick ratio of 0.84. The business has a fifty day moving average price of $6.43 and a 200-day moving average price of $7.52. Braskem has a 1 year low of $5.28 and a 1 year high of $10.98. The firm has a market capitalization of $3.28 billion, a P/E ratio of -2.25 and a beta of 2.02.
Braskem (NYSE:BAK – Get Free Report) last released its earnings results on Thursday, August 8th. The company reported ($0.48) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.30. Braskem had a negative return on equity of 276.59% and a negative net margin of 12.98%. The business had revenue of $3.66 billion for the quarter, compared to analyst estimates of $3.56 billion. Equities analysts expect that Braskem will post -1.3 earnings per share for the current year.
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.
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