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

Braskem S.A. (NYSE:BAK) was the target of a large 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 days-to-cover ratio is presently 2.8 days.

Hedge Funds Weigh In On Braskem

A number of large investors have recently bought and sold shares of BAK. Boston Partners acquired a new position in Braskem during the 1st quarter worth approximately $627,000. American Century Companies Inc. grew its stake in shares of 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. Marshall Wace LLP grew its stake 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. MBB Public Markets I LLC increased its holdings in Braskem by 69.5% during the second quarter. MBB Public Markets I LLC now owns 1,597,293 shares of the company’s stock worth $10,303,000 after buying an additional 654,806 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its position in Braskem by 60.9% during the second 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.

Braskem Trading Up 2.0 %

NYSE:BAK opened at $5.12 on Tuesday. Braskem has a twelve month low of $4.68 and a twelve month high of $10.98. The company has a quick ratio of 0.76, a current ratio of 1.28 and a debt-to-equity ratio of 23.25. The business has a 50 day moving average price of $6.19 and a two-hundred day moving average price of $6.50.

Analyst Ratings Changes

Several equities analysts recently issued reports on BAK shares. Citigroup upgraded Braskem from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 20th. UBS Group upgraded Braskem from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $7.70 to $10.00 in a research report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. decreased their price objective on Braskem from $10.00 to $9.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th.

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.