Braskem (NYSE:BAK) Trading Up 8% – Here’s What Happened

Braskem S.A. (NYSE:BAK)’s stock price shot up 8% during trading on Tuesday . The stock traded as high as $4.80 and last traded at $4.82. 890,369 shares traded hands during trading, a decline of 5% from the average session volume of 936,383 shares. The stock had previously closed at $4.46.

Braskem Stock Performance

The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of -1.33, a PEG ratio of 2.28 and a beta of 2.03. The company’s 50 day moving average is $4.40 and its 200 day moving average is $5.65.

Institutional Trading of Braskem

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its holdings in shares of Braskem by 876.1% during the third quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company’s stock valued at $40,000 after acquiring an additional 4,871 shares during the period. State Street Corp lifted its holdings in Braskem by 2.3% during the 3rd quarter. State Street Corp now owns 228,110 shares of the company’s stock valued at $1,674,000 after purchasing an additional 5,124 shares during the last quarter. MQS Management LLC acquired a new position in Braskem in the third quarter valued at about $77,000. R Squared Ltd bought a new stake in Braskem during the fourth quarter worth about $44,000. Finally, Virtu Financial LLC acquired a new stake in shares of Braskem during the third quarter worth approximately $88,000.

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.