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

Braskem S.A. (NYSE:BAK) was the recipient of a large growth in short interest during 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.

Braskem Stock Up 2.0 %

Shares of BAK stock opened at $5.12 on Tuesday. 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 stock has a 50-day moving average of $6.19 and a 200-day moving average of $6.50. Braskem has a one year low of $4.68 and a one year high of $10.98.

Analyst Ratings Changes

BAK has been the subject of several recent research reports. Citigroup raised Braskem from a “neutral” rating to a “buy” rating in a report on Tuesday, August 20th. UBS Group raised Braskem from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $7.70 to $10.00 in a report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. dropped their price objective on Braskem from $10.00 to $9.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th.

Institutional Trading of Braskem

Institutional investors and hedge funds have recently modified their holdings of the stock. MQS Management LLC bought a new stake in shares of Braskem in the 3rd quarter valued at about $77,000. Virtu Financial LLC bought a new stake in shares of Braskem in the 3rd quarter valued at about $88,000. Verition Fund Management LLC bought a new stake in shares of Braskem in the 3rd quarter valued at about $123,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Braskem in the 3rd quarter valued at about $197,000. Finally, Point72 Asset Management L.P. increased its stake in shares of Braskem by 60.9% in the 2nd quarter. Point72 Asset Management L.P. now owns 41,200 shares of the company’s stock valued at $266,000 after acquiring an additional 15,600 shares during the last quarter.

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.