Braskem (NYSE:BAK) Hits New 52-Week Low – What’s Next?

Braskem S.A. (NYSE:BAK)’s share price reached a new 52-week low during mid-day trading on Friday . The company traded as low as $3.30 and last traded at $3.27, with a volume of 988379 shares trading hands. The stock had previously closed at $3.63.

Analyst Ratings Changes

Separately, Scotiabank lowered shares of Braskem from a “sector outperform” rating to a “sector perform” rating in a research note on Monday, March 3rd.

Braskem Price Performance

The business’s 50-day moving average price is $4.15 and its two-hundred day moving average price is $4.98. The company has a market capitalization of $1.33 billion, a P/E ratio of -0.94 and a beta of 1.80.

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

Hedge Funds Weigh In On Braskem

A number of hedge funds have recently added to or reduced their stakes in BAK. Covalis Capital LLP raised its stake in Braskem by 27.1% in the fourth quarter. Covalis Capital LLP now owns 1,173,852 shares of the company’s stock valued at $4,531,000 after purchasing an additional 250,215 shares in the last quarter. Walleye Capital LLC increased its holdings in shares of Braskem by 60.5% during the fourth quarter. Walleye Capital LLC now owns 512,076 shares of the company’s stock worth $1,977,000 after buying an additional 193,120 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Braskem by 126.1% in the 4th quarter. Renaissance Technologies LLC now owns 329,910 shares of the company’s stock valued at $1,273,000 after acquiring an additional 184,010 shares during the last quarter. Trexquant Investment LP boosted its holdings in shares of Braskem by 145.8% during the 4th quarter. Trexquant Investment LP now owns 258,638 shares of the company’s stock valued at $998,000 after acquiring an additional 153,401 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its position in Braskem by 329.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 176,800 shares of the company’s stock worth $1,298,000 after acquiring an additional 135,600 shares during the last quarter.

Braskem Company 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.