Braskem (NYSE:BAK) Hits New 52-Week Low - Should You Sell?

Key Points

• Braskem's stock reached a new 52-week low of $2.80, closing at $2.84, with trading volume exceeding 1 million shares.
• The company reported a loss of $0.14 EPS for the last quarter, significantly beating analysts' expectations of a loss of $0.70, but revenue fell short of projections at $3.38 billion.
• Institutional investors have recently increased their stakes in Braskem, with Jane Street Group LLC boosting holdings by over 130% during the second quarter.

Braskem S.A. (NYSE:BAK - Get Free Report)'s share price reached a new 52-week low on Wednesday . The company traded as low as $2.80 and last traded at $2.84, with a volume of 1069543 shares trading hands. The stock had previously closed at $2.95.

Braskem Price Performance

The stock has a market capitalization of $1.28 billion, a PE ratio of -1.27 and a beta of 1.70. The stock has a 50 day moving average of $3.26 and a two-hundred day moving average of $3.61.

Braskem (NYSE:BAK - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates of ($0.70) by $0.56. The business had revenue of $3.38 billion during the quarter, compared to analysts' expectations of $18.76 billion. As a group, research analysts predict that Braskem S.A. will post -0.77 earnings per share for the current fiscal year.

Institutional Trading of Braskem

A number of institutional investors have recently modified their holdings of BAK. Ballentine Partners LLC acquired a new position in Braskem during the first quarter worth $58,000. R Squared Ltd raised its holdings in Braskem by 55.2% during the first quarter. R Squared Ltd now owns 17,600 shares of the company's stock worth $68,000 after purchasing an additional 6,260 shares during the last quarter. Dark Forest Capital Management LP acquired a new position in shares of Braskem in the fourth quarter worth $71,000. GAMMA Investing LLC raised its holdings in shares of Braskem by 654.9% in the first quarter. GAMMA Investing LLC now owns 19,824 shares of the company's stock worth $76,000 after acquiring an additional 17,198 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in shares of Braskem in the first quarter worth $99,000.

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.