Braskem S.A. (NYSE:BAK) Sees Large Decrease in Short Interest

Braskem S.A. (NYSE:BAK) was the recipient of a large decrease in short interest in July. As of July 31st, there was short interest totalling 1,870,000 shares, a decrease of 15.4% from the July 15th total of 2,210,000 shares. Based on an average trading volume of 676,600 shares, the short-interest ratio is currently 2.8 days.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Jump Financial LLC grew its position in Braskem by 4.3% in the fourth quarter. Jump Financial LLC now owns 67,392 shares of the company’s stock valued at $594,000 after acquiring an additional 2,790 shares during the period. Trexquant Investment LP increased its position in shares of Braskem by 197.1% during the 4th quarter. Trexquant Investment LP now owns 141,852 shares of the company’s stock worth $1,251,000 after purchasing an additional 94,099 shares in the last quarter. SPX Gestao de Recursos Ltda increased its position in shares of Braskem by 266.9% during the 4th quarter. SPX Gestao de Recursos Ltda now owns 239,536 shares of the company’s stock worth $2,113,000 after purchasing an additional 174,250 shares in the last quarter. Boston Partners bought a new position in Braskem during the 1st quarter valued at about $627,000. Finally, American Century Companies Inc. boosted its position in Braskem by 1.6% in the second quarter. American Century Companies Inc. now owns 111,968 shares of the company’s stock valued at $722,000 after buying an additional 1,807 shares in the last quarter.

Braskem Price Performance

Shares of BAK stock traded up $0.14 during mid-day trading on Friday, reaching $6.22. The company’s stock had a trading volume of 340,657 shares, compared to its average volume of 874,051. The firm’s 50-day moving average is $6.50 and its two-hundred day moving average is $7.71. The company has a market cap of $2.81 billion, a P/E ratio of -1.93 and a beta of 2.05. Braskem has a 1-year low of $5.28 and a 1-year high of $10.98. The company has a debt-to-equity ratio of 23.25, a quick ratio of 0.95 and a current ratio of 1.46.

Analysts Set New Price Targets

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

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.