Short Interest in Braskem S.A. (NYSE:BAK) Expands By 12.2%

Braskem S.A. (NYSE:BAK) saw a significant increase in short interest in October. As of October 31st, there was short interest totalling 1,560,000 shares, an increase of 12.2% from the October 15th total of 1,390,000 shares. Based on an average daily volume of 643,800 shares, the days-to-cover ratio is currently 2.4 days.

Institutional Trading of Braskem

Several hedge funds and other institutional investors have recently bought and sold shares of the company. MQS Management LLC bought a new position in shares of Braskem during the third quarter valued at approximately $77,000. Verition Fund Management LLC bought a new position in Braskem during the 3rd quarter valued at $123,000. Dynamic Technology Lab Private Ltd bought a new position in Braskem during the 3rd quarter valued at $197,000. Point72 Asset Management L.P. boosted its stake in shares of Braskem by 60.9% during the 2nd quarter. Point72 Asset Management L.P. now owns 41,200 shares of the company’s stock worth $266,000 after acquiring an additional 15,600 shares in the last quarter. Finally, Boston Partners bought a new stake in shares of Braskem during the 1st quarter worth $627,000.

Braskem Stock Down 1.7 %

Braskem stock traded down $0.09 during midday trading on Monday, hitting $5.10. The stock had a trading volume of 629,864 shares, compared to its average volume of 806,468. The company has a current ratio of 1.28, a quick ratio of 0.84 and a debt-to-equity ratio of 23.25. The stock has a market cap of $2.30 billion, a P/E ratio of -1.44 and a beta of 2.05. Braskem has a 12 month low of $5.09 and a 12 month high of $10.98. The business has a fifty day moving average price of $6.51 and a 200 day moving average price of $6.69.

Analyst Ratings Changes

A number of analysts have recently issued reports on BAK shares. JPMorgan Chase & Co. dropped their target price on Braskem from $10.00 to $9.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. UBS Group raised Braskem from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $7.70 to $10.00 in a research report on Wednesday, September 18th. Finally, Citigroup raised Braskem from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 20th.

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.