Braskem (NYSE:BAK) Shares Down 3.1% – Time to Sell?

Shares of Braskem S.A. (NYSE:BAK) fell 3.1% on Monday . The company traded as low as $3.64 and last traded at $3.63. 667,018 shares were traded during trading, a decline of 15% from the average session volume of 784,680 shares. The stock had previously closed at $3.75.

Analysts Set New Price Targets

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

Braskem Price Performance

The firm has a fifty day moving average price of $4.22 and a two-hundred day moving average price of $5.09. The stock has a market capitalization of $1.63 billion, a PE ratio of -1.15 and a beta of 2.06.

Braskem (NYSE:BAK) last released its earnings results on Thursday, February 27th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.38) by ($0.01). The business 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%. On average, research analysts expect that Braskem S.A. will post -0.77 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Braskem

A number of hedge funds have recently added to or reduced their stakes in BAK. JPMorgan Chase & Co. raised its stake in shares of Braskem by 876.1% during the third quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company’s stock valued at $40,000 after acquiring an additional 4,871 shares in the last quarter. R Squared Ltd bought a new stake in Braskem during the 4th quarter valued at $44,000. Blue Trust Inc. increased its stake in shares of Braskem by 2,510.3% during the fourth quarter. Blue Trust Inc. now owns 13,130 shares of the company’s stock valued at $51,000 after buying an additional 12,627 shares during the period. Signaturefd LLC purchased a new stake in Braskem in the fourth quarter worth about $53,000. Finally, Dark Forest Capital Management LP bought a new position in Braskem during the 4th quarter worth about $71,000.

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.