Braskem (NYSE:BAK) Stock Price Down 6.8% – Time to Sell?

Braskem S.A. (NYSE:BAK)’s stock price traded down 6.8% during mid-day trading on Monday . The company traded as low as $1.85 and last traded at $1.8550. 902,601 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 2,338,911 shares. The stock had previously closed at $1.99.

Analyst Ratings Changes

BAK has been the subject of a number of analyst reports. JPMorgan Chase & Co. lowered shares of Braskem from an “overweight” rating to a “neutral” rating in a research report on Tuesday, June 30th. Citigroup cut Braskem from a “neutral” rating to a “sell” rating in a research report on Thursday, June 25th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a report on Friday, July 17th. Finally, Zacks Research lowered Braskem from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. Three investment analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Strong Sell” and a consensus price target of $3.40.

Braskem Stock Performance

The company has a market cap of $651.71 million, a PE ratio of -0.67, a PEG ratio of 0.11 and a beta of 1.62. The business’s 50-day moving average is $2.40 and its 200 day moving average is $3.44.

Braskem (NYSE:BAK) last posted its earnings results on Friday, June 26th. The company reported $1.61 EPS for the quarter. The firm had revenue of $4.20 billion during the quarter. Braskem had a negative net margin of 7.28% and a negative return on equity of 67.75%. Equities research analysts anticipate that Braskem S.A. will post 1.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its position in shares of Braskem by 444.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company’s stock valued at $25,000 after purchasing an additional 7,003 shares in the last quarter. Quadrant Capital Group LLC lifted its position in Braskem by 222.1% during the fourth quarter. Quadrant Capital Group LLC now owns 12,809 shares of the company’s stock valued at $38,000 after buying an additional 8,832 shares during the period. Evergreen Capital Management LLC purchased a new position in Braskem during the fourth quarter valued at $44,000. Cetera Investment Advisers purchased a new position in Braskem during the first quarter valued at $51,000. Finally, Brevan Howard Capital Management LP bought a new stake in shares of Braskem during the 3rd quarter valued at $64,000.

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.