Braskem (NYSE:BAK) Shares Down 9.4% – Time to Sell?

Braskem S.A. (NYSE:BAK) shares dropped 9.4% during trading on Thursday . The company traded as low as $2.67 and last traded at $2.6550. Approximately 632,392 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 2,459,676 shares. The stock had previously closed at $2.93.

Wall Street Analysts Forecast Growth

BAK has been the subject of several recent analyst reports. Bank of America cut Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 target price for the company. in a research note on Thursday, March 26th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Braskem in a report on Monday, April 20th. Bradesco Corretora downgraded Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price objective for the company. in a research report on Tuesday, April 21st. Citigroup raised Braskem from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 1st. Finally, Zacks Research lowered shares of Braskem from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $3.40.

Braskem Trading Down 11.2%

The company has a fifty day moving average of $3.90 and a 200-day moving average of $3.69. The stock has a market cap of $1.04 billion, a PE ratio of -0.61, a P/E/G ratio of 0.06 and a beta of 1.57.

Braskem (NYSE:BAK) last released its earnings results on Thursday, May 14th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.48. The company had revenue of $3.51 billion during the quarter, compared to the consensus estimate of $3.39 billion. Braskem had a negative return on equity of 23.17% and a negative net margin of 13.72%. As a group, research analysts anticipate that Braskem S.A. will post 3.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Braskem

Hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC boosted its position in Braskem by 444.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company’s stock valued at $25,000 after buying an additional 7,003 shares during the period. Quadrant Capital Group LLC boosted its holdings in Braskem by 222.1% in the fourth quarter. Quadrant Capital Group LLC now owns 12,809 shares of the company’s stock valued at $38,000 after purchasing an additional 8,832 shares during the period. Signaturefd LLC grew its stake in Braskem by 50.1% during the 4th quarter. Signaturefd LLC now owns 13,524 shares of the company’s stock worth $40,000 after purchasing an additional 4,513 shares in the last quarter. Cetera Investment Advisers purchased a new stake in Braskem during the 1st quarter worth about $51,000. Finally, Evergreen Capital Management LLC purchased a new stake in Braskem during the 4th quarter worth about $44,000.

Braskem Company Profile

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.