Short Interest in Braskem S.A. (BAK) Drops By 55.2%

Braskem S.A. (NYSE:BAK) was the target of a large decline in short interest in the month of June. As of June 30th, there was short interest totalling 1,174,193 shares, a decline of 55.2% from the June 15th total of 2,621,696 shares. Based on an average trading volume of 305,687 shares, the short-interest ratio is presently 3.8 days.

Several large investors have recently made changes to their positions in the stock. U S Global Investors Inc. bought a new stake in shares of Braskem during the second quarter valued at approximately $1,034,000. Tower Research Capital LLC TRC increased its stake in shares of Braskem by 10,474.0% in the second quarter. Tower Research Capital LLC TRC now owns 10,574 shares of the energy company’s stock valued at $219,000 after buying an additional 10,474 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Braskem during the second quarter valued at approximately $246,000. State Street Corp increased its stake in shares of Braskem by 24.2% in the second quarter. State Street Corp now owns 235,528 shares of the energy company’s stock valued at $4,879,000 after buying an additional 45,876 shares during the last quarter. Finally, Redwood Capital Management LLC bought a new stake in shares of Braskem during the second quarter valued at approximately $2,282,000. Institutional investors and hedge funds own 0.83% of the company’s stock.

Shares of Braskem (NYSE BAK) traded up 1.52% during mid-day trading on Friday, reaching $24.09. 300,534 shares of the company traded hands. The stock’s market capitalization is $9.59 billion. The company’s 50 day moving average is $23.52 and its 200 day moving average is $21.35. Braskem has a 52-week low of $13.12 and a 52-week high of $25.68.

Several research analysts have recently commented on BAK shares. BidaskClub upgraded Braskem from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. ValuEngine upgraded Braskem from a “buy” rating to a “strong-buy” rating in a report on Friday, June 2nd. Morgan Stanley upgraded shares of Braskem from an “equal weight” rating to an “overweight” rating in a report on Monday, July 17th. Finally, Zacks Investment Research upgraded shares of Braskem from a “hold” rating to a “strong-buy” rating and set a $24.00 price objective on the stock in a report on Tuesday, June 6th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $21.33.

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Braskem Company Profile

Braskem SA produces thermoplastic resins. The Company’s segments are Basic petrochemicals, Polyolefins, Vinyls, the United States and Europe, and Chemical distribution. It is also engaged in the import and export of chemicals, petrochemicals and fuels, the production, supply and sale of utilities such as steam, water, compressed air, industrial gases, the provision of industrial services, and the production, supply and sale of electric energy.

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