Braskem (NYSE:BAK) Sees Unusually-High Trading Volume - Here's Why

Key Points

• Braskem experienced an unusual volume spike—2,723,130 shares traded (up 17% from the prior session)—with the stock last at $3.5340 versus a prior close of $3.94.
• Analysts have grown bearish: the consensus rating is "Strong Sell" after multiple downgrades (three Holds, four Sells), with an average target price of $3.87.
• The company has a market capitalization of $1.42 billion and a negative P/E (-1.56), and technicals show a 50-day SMA of $3.94 and a 200-day SMA of $3.23, reflecting recent weakness.

Braskem S.A. (NYSE:BAK - Get Free Report) shares saw strong trading volume on Friday . 2,723,130 shares changed hands during mid-day trading, an increase of 17% from the previous session's volume of 2,335,470 shares.The stock last traded at $3.5340 and had previously closed at $3.94.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Braskem in a research note on Wednesday, January 21st. Citigroup downgraded shares of Braskem from a "hold" rating to a "sell" rating in a report on Monday, February 16th. Bank of America lowered shares of Braskem from a "neutral" rating to an "underperform" rating and set a $2.80 price target on the stock. in a research report on Thursday. Finally, Zacks Research cut shares of Braskem from a "strong-buy" rating to a "hold" rating in a report on Monday, January 19th. Three analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Strong Sell" and an average target price of $3.87.

Braskem Price Performance

The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of -1.56 and a beta of 1.84. The firm has a fifty day simple moving average of $3.94 and a 200 day simple moving average of $3.23.

Hedge Funds Weigh In On Braskem

A number of large investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC lifted its holdings in 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. Ballentine Partners LLC acquired a new position in shares of Braskem during the 3rd quarter worth about $34,000. Quadrant Capital Group LLC lifted its stake in Braskem by 222.1% in the 4th 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 in the last quarter. Signaturefd LLC boosted its holdings in Braskem by 50.1% in the 4th quarter. Signaturefd LLC now owns 13,524 shares of the company's stock worth $40,000 after buying an additional 4,513 shares during the last quarter. Finally, Evergreen Capital Management LLC purchased a new stake in Braskem during the 4th quarter worth approximately $44,000.

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.

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