Braskem S.A. (NYSE:BAK) Sees Large Increase in Short Interest

Braskem S.A. (NYSE:BAK) saw a large growth in short interest in the month of February. As of February 15th, there was short interest totalling 3,050,000 shares, a growth of 39.3% from the January 31st total of 2,190,000 shares. Based on an average trading volume of 995,200 shares, the short-interest ratio is currently 3.1 days.

Braskem Stock Up 1.8 %

Shares of NYSE BAK traded up $0.07 during midday trading on Wednesday, hitting $3.63. The company had a trading volume of 473,317 shares, compared to its average volume of 820,581. Braskem has a twelve month low of $3.41 and a twelve month high of $10.98. The business has a 50-day simple moving average of $4.26 and a two-hundred day simple moving average of $5.38. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of -1.02 and a beta of 2.06.

Braskem (NYSE:BAK) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.01). Braskem had a negative net margin of 9.88% and a negative return on equity of 439.59%. The company had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.52 billion. On average, equities analysts forecast that Braskem will post -0.77 EPS for the current year.

Institutional Trading of Braskem

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its stake in shares of Braskem by 876.1% in the third quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company’s stock valued at $40,000 after purchasing an additional 4,871 shares during the period. R Squared Ltd acquired a new stake in shares of Braskem in the fourth quarter valued at about $44,000. Blue Trust Inc. raised its position in Braskem by 2,510.3% during the fourth quarter. Blue Trust Inc. now owns 13,130 shares of the company’s stock worth $51,000 after acquiring an additional 12,627 shares during the last quarter. Signaturefd LLC acquired a new position in Braskem during the fourth quarter worth about $53,000. Finally, Dark Forest Capital Management LP acquired a new position in Braskem during the fourth quarter worth about $71,000.

Analyst Upgrades and Downgrades

Separately, Scotiabank cut shares of Braskem from a “sector outperform” rating to a “sector perform” rating in a research note on Monday.

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.