Walleye Capital LLC Reduces Stock Position in Braskem S.A. $BAK

Key Points

• Walleye Capital LLC drastically reduced its stake in Braskem S.A. by 81.5%, selling 417,527 shares and leaving it with 94,549 shares valued at $364,000.
• Braskem's stock price has seen a decline of 4.2%, currently trading at $3.34, with a market cap of $1.33 billion and a price-to-earnings ratio of -1.32.
• Analysts have adjusted their outlook for Braskem, with JPMorgan Chase reducing its target price from $6.00 to $5.00, while the overall consensus rating remains a "Hold" with a target price of $7.50.

Walleye Capital LLC cut its stake in Braskem S.A. (NYSE:BAK - Free Report) by 81.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 94,549 shares of the company's stock after selling 417,527 shares during the period. Walleye Capital LLC's holdings in Braskem were worth $364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Jump Financial LLC grew its position in shares of Braskem by 114.4% in the first quarter. Jump Financial LLC now owns 37,304 shares of the company's stock valued at $144,000 after purchasing an additional 19,904 shares in the last quarter. Banco BTG Pactual S.A. purchased a new stake in shares of Braskem in the first quarter valued at approximately $248,000. American Century Companies Inc. grew its position in shares of Braskem by 12.6% in the first quarter. American Century Companies Inc. now owns 110,035 shares of the company's stock valued at $424,000 after purchasing an additional 12,300 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Braskem in the first quarter valued at approximately $99,000. Finally, R Squared Ltd grew its position in shares of Braskem by 55.2% in the first quarter. R Squared Ltd now owns 17,600 shares of the company's stock valued at $68,000 after purchasing an additional 6,260 shares in the last quarter.

Braskem Stock Down 4.2%

BAK stock opened at $3.34 on Wednesday. The business has a fifty day moving average of $3.23 and a two-hundred day moving average of $3.56. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of -1.32 and a beta of 1.81. Braskem S.A. has a 52-week low of $2.80 and a 52-week high of $7.71.

Braskem (NYSE:BAK - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.70) by $0.56. The business had revenue of $3.38 billion for the quarter, compared to analyst estimates of $18.76 billion. As a group, sell-side analysts anticipate that Braskem S.A. will post -0.77 EPS for the current year.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. cut their target price on Braskem from $6.00 to $5.00 and set a "neutral" rating for the company in a research note on Wednesday, August 27th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, Braskem currently has a consensus rating of "Hold" and a consensus target price of $7.50.

Braskem 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.

Want to see what other hedge funds are holding BAK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Braskem S.A. (NYSE:BAK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.