Braskem (NYSE:BAK) Stock Price Down 3.3% – Here’s What Happened

Braskem S.A. (NYSE:BAK)’s share price fell 3.3% during trading on Thursday . The stock traded as low as $3.78 and last traded at $3.80. 136,581 shares changed hands during trading, a decline of 84% from the average session volume of 843,888 shares. The stock had previously closed at $3.93.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on BAK. JPMorgan Chase & Co. reduced their price target on shares of Braskem from $10.00 to $9.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. UBS Group raised Braskem from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $7.70 to $10.00 in a report on Wednesday, September 18th.

Braskem Price Performance

The company has a 50 day moving average of $5.16 and a two-hundred day moving average of $6.11. The firm has a market cap of $1.51 billion, a P/E ratio of -1.07 and a beta of 1.98. The company has a quick ratio of 0.76, a current ratio of 1.28 and a debt-to-equity ratio of 23.25.

Hedge Funds Weigh In On Braskem

Large investors have recently made changes to their positions in the business. MBB Public Markets I LLC lifted its stake in Braskem by 69.5% during the second quarter. MBB Public Markets I LLC now owns 1,597,293 shares of the company’s stock valued at $10,303,000 after purchasing an additional 654,806 shares during the last quarter. Walleye Capital LLC acquired a new position in Braskem in the third quarter worth approximately $2,341,000. Marshall Wace LLP increased its holdings in shares of Braskem by 872.0% in the second quarter. Marshall Wace LLP now owns 268,352 shares of the company’s stock valued at $1,731,000 after buying an additional 240,744 shares in the last quarter. Point72 Asset Management L.P. lifted its position in shares of Braskem by 329.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 176,800 shares of the company’s stock valued at $1,298,000 after acquiring an additional 135,600 shares during the last quarter. Finally, Jane Street Group LLC boosted its stake in shares of Braskem by 106.8% during the 3rd quarter. Jane Street Group LLC now owns 90,736 shares of the company’s stock worth $666,000 after acquiring an additional 46,858 shares in the last quarter.

Braskem Company Profile

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.