Braskem S.A. (NYSE:BAK) Short Interest Up 39.6% in December

Braskem S.A. (NYSE:BAK) was the recipient of a large growth in short interest in December. As of December 31st, there was short interest totaling 3,320,975 shares, a growth of 39.6% from the December 15th total of 2,379,325 shares. Approximately 0.8% of the company’s shares are short sold. Based on an average daily volume of 864,416 shares, the short-interest ratio is presently 3.8 days. Based on an average daily volume of 864,416 shares, the short-interest ratio is presently 3.8 days. Approximately 0.8% of the company’s shares are short sold.

Institutional Investors Weigh In On Braskem

Several institutional investors have recently modified their holdings of BAK. Ballentine Partners LLC purchased a new position in Braskem in the 3rd quarter worth about $34,000. Brevan Howard Capital Management LP purchased a new position in shares of Braskem during the third quarter valued at approximately $64,000. Dark Forest Capital Management LP raised its stake in Braskem by 94.7% during the 3rd quarter. Dark Forest Capital Management LP now owns 32,127 shares of the company’s stock valued at $78,000 after buying an additional 15,630 shares during the last quarter. Centric Wealth Management purchased a new position in shares of Braskem in the 2nd quarter worth $128,000. Finally, Virtu Financial LLC grew its holdings in shares of Braskem by 28.7% in the third 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 period.

Braskem Price Performance

Braskem stock traded down $0.22 during mid-day trading on Friday, reaching $3.09. The stock had a trading volume of 1,728,613 shares, compared to its average volume of 989,381. Braskem has a one year low of $2.32 and a one year high of $5.10. The company has a 50-day moving average price of $2.95 and a two-hundred day moving average price of $2.99. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of -1.36 and a beta of 1.88.

Braskem (NYSE:BAK) last issued its earnings results on Wednesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate 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 research analysts anticipate that Braskem will post -0.77 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently commented on BAK. Weiss Ratings restated a “sell (e+)” rating on shares of Braskem in a research note on Wednesday, October 8th. Zacks Research upgraded shares of Braskem from a “hold” rating to a “strong-buy” rating in a report on Monday, December 29th. Santander lowered shares of Braskem from a “neutral” rating to an “underperform” rating in a research note on Thursday, October 16th. Citigroup cut shares of Braskem from a “buy” rating to a “hold” rating in a research report on Friday, October 10th. Finally, UBS Group cut shares of Braskem from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $5.10 to $3.80 in a report on Friday, September 26th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $4.40.

About Braskem

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.