Braskem (NYSE:BAK) Sets New 52-Week Low – Here’s What Happened

Braskem S.A. (NYSE:BAK)’s share price reached a new 52-week low during trading on Thursday . The company traded as low as $5.20 and last traded at $5.20, with a volume of 296807 shares. The stock had previously closed at $5.27.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Citigroup upgraded Braskem from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 20th. JPMorgan Chase & Co. dropped their price objective on Braskem from $10.00 to $9.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Finally, UBS Group upgraded Braskem from a “neutral” rating to a “buy” rating and boosted their price target for the company from $7.70 to $10.00 in a research note on Wednesday, September 18th.

Braskem Stock Performance

The company has a debt-to-equity ratio of 23.25, a quick ratio of 0.84 and a current ratio of 1.28. The firm has a 50 day moving average of $6.51 and a 200-day moving average of $6.71.

Hedge Funds Weigh In On Braskem

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. MQS Management LLC acquired a new stake in Braskem during the third quarter valued at approximately $77,000. Verition Fund Management LLC acquired a new stake in Braskem during the third quarter valued at approximately $123,000. Dynamic Technology Lab Private Ltd acquired a new stake in Braskem during the third quarter valued at approximately $197,000. Point72 Asset Management L.P. boosted its holdings in Braskem by 60.9% during the second quarter. Point72 Asset Management L.P. now owns 41,200 shares of the company’s stock valued at $266,000 after purchasing an additional 15,600 shares in the last quarter. Finally, Quantbot Technologies LP boosted its holdings in Braskem by 174.9% during the third quarter. Quantbot Technologies LP now owns 71,952 shares of the company’s stock valued at $528,000 after purchasing an additional 45,782 shares in 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.