Braskem (NYSE:BAK) Shares Down 2.4% – Here’s What Happened

Braskem S.A. (NYSE:BAK) fell 2.4% on Tuesday . The company traded as low as $3.38 and last traded at $3.40. 57,469 shares traded hands during trading, a decline of 93% from the average session volume of 811,562 shares. The stock had previously closed at $3.48.

Wall Street Analysts Forecast Growth

Separately, Scotiabank cut Braskem from a “sector outperform” rating to a “sector perform” rating in a report on Monday, March 3rd.

Braskem Price Performance

The stock has a 50-day moving average of $3.82 and a 200-day moving average of $4.70. The firm has a market cap of $1.35 billion, a price-to-earnings ratio of -0.95 and a beta of 1.80.

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

Hedge Funds Weigh In On Braskem

Several hedge funds have recently bought and sold shares of the company. Covalis Capital LLP boosted its position in shares of Braskem by 27.1% during the 4th quarter. Covalis Capital LLP now owns 1,173,852 shares of the company’s stock worth $4,531,000 after acquiring an additional 250,215 shares in the last quarter. Marshall Wace LLP lifted its stake in Braskem by 14.3% during the fourth quarter. Marshall Wace LLP now owns 787,348 shares of the company’s stock worth $3,039,000 after purchasing an additional 98,406 shares during the last quarter. Walleye Capital LLC boosted its holdings in shares of Braskem by 60.5% in the 4th quarter. Walleye Capital LLC now owns 512,076 shares of the company’s stock valued at $1,977,000 after purchasing an additional 193,120 shares in the last quarter. Renaissance Technologies LLC increased 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 purchasing an additional 184,010 shares during the last quarter. Finally, Trexquant Investment LP raised 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 worth $998,000 after buying an additional 153,401 shares in the last quarter.

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.