Braskem S.A. (NYSE:BAK) Sees Significant Growth in Short Interest

Braskem S.A. (NYSE:BAK) saw a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 1,860,000 shares, a growth of 19.2% from the October 31st total of 1,560,000 shares. Based on an average daily volume of 675,500 shares, the short-interest ratio is currently 2.8 days.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. UBS Group raised Braskem from a “neutral” rating to a “buy” rating and increased their price target for the stock from $7.70 to $10.00 in a research report on Wednesday, September 18th. 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 report on Tuesday, September 10th. Finally, Citigroup upgraded Braskem from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 20th.

Institutional Investors Weigh In On Braskem

Hedge funds have recently modified their holdings of the company. MBB Public Markets I LLC increased its stake in shares of Braskem by 69.5% in the 2nd quarter. MBB Public Markets I LLC now owns 1,597,293 shares of the company’s stock valued at $10,303,000 after purchasing an additional 654,806 shares in the last quarter. Walleye Capital LLC acquired a new stake in Braskem in the third quarter valued at approximately $2,341,000. Marshall Wace LLP increased its position in shares of Braskem by 872.0% in the second quarter. Marshall Wace LLP now owns 268,352 shares of the company’s stock valued at $1,731,000 after buying an additional 240,744 shares in the last quarter. Point72 Asset Management L.P. raised its stake in shares of 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 buying an additional 135,600 shares during the period. Finally, Boston Partners purchased a new position in shares of Braskem during the 1st quarter valued at approximately $627,000.

Braskem Price Performance

Shares of NYSE BAK opened at $5.02 on Friday. The company has a debt-to-equity ratio of 23.25, a current ratio of 1.28 and a quick ratio of 0.76. The company’s fifty day moving average price is $6.19 and its 200 day moving average price is $6.50. Braskem has a 1 year low of $4.68 and a 1 year high of $10.98.

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.