Braskem S.A. (NYSE:BAK) Short Interest Up 89.2% in June

Braskem S.A. (NYSE:BAK) was the recipient of a large increase in short interest in the month of June. As of June 15th, there was short interest totalling 2,270,000 shares, an increase of 89.2% from the May 31st total of 1,200,000 shares. Based on an average daily volume of 804,700 shares, the days-to-cover ratio is currently 2.8 days.

Hedge Funds Weigh In On Braskem

Several institutional investors have recently made changes to their positions in the company. Boston Partners purchased a new position in shares of Braskem during the first quarter valued at $627,000. SPX Gestao de Recursos Ltda increased its stake in shares of Braskem by 266.9% during the fourth quarter. SPX Gestao de Recursos Ltda now owns 239,536 shares of the company’s stock valued at $2,113,000 after buying an additional 174,250 shares during the period. Trexquant Investment LP increased its stake in shares of Braskem by 197.1% during the fourth quarter. Trexquant Investment LP now owns 141,852 shares of the company’s stock valued at $1,251,000 after buying an additional 94,099 shares during the period. Jump Financial LLC increased its stake in shares of Braskem by 4.3% during the fourth quarter. Jump Financial LLC now owns 67,392 shares of the company’s stock valued at $594,000 after buying an additional 2,790 shares during the period. Finally, Alpine Global Management LLC purchased a new position in shares of Braskem during the third quarter valued at $82,000.

Braskem Stock Performance

Shares of NYSE:BAK traded down $0.28 on Friday, hitting $6.45. 562,768 shares of the company’s stock were exchanged, compared to its average volume of 695,502. Braskem has a 12 month low of $6.30 and a 12 month high of $12.00. The business’s 50 day simple moving average is $7.44 and its two-hundred day simple moving average is $8.07. The company has a quick ratio of 0.95, a current ratio of 1.46 and a debt-to-equity ratio of 23.25.

Braskem (NYSE:BAK) last released its earnings results on Thursday, May 9th. The company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.12). Braskem had a negative return on equity of 146.26% and a negative net margin of 8.98%. The business had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.54 billion. Research analysts anticipate that Braskem will post -1.47 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. dropped their target price on Braskem from $11.00 to $10.00 and set a “neutral” rating for the company in a report on Friday, May 24th.

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.