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

A number of research firms have recently commented on BAK. Morgan Stanley raised shares of Braskem from an “equal weight” rating to an “overweight” rating in a research note on Monday. BidaskClub raised shares of Braskem from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Zacks Investment Research raised shares of Braskem from a “hold” rating to a “strong-buy” rating and set a $24.00 price objective on the stock in a research note on Friday, June 30th. Finally, ValuEngine raised shares of Braskem from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 2nd. Five research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $21.33.

Hedge funds and other institutional investors have recently modified their holdings of the company. Rubric Capital Management LP boosted its position in shares of Braskem by 1,311.4% in the first quarter. Rubric Capital Management LP now owns 846,824 shares of the energy company’s stock worth $17,233,000 after buying an additional 786,824 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Braskem by 25.2% in the first quarter. Renaissance Technologies LLC now owns 3,262,800 shares of the energy company’s stock worth $66,398,000 after buying an additional 657,400 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Braskem by 173.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,003,223 shares of the energy company’s stock worth $20,415,000 after buying an additional 636,561 shares during the last quarter. Karp Capital Management Corp acquired a new position in shares of Braskem during the first quarter worth about $2,106,000. Finally, Parametric Portfolio Associates LLC boosted its position in shares of Braskem by 146.8% in the first quarter. Parametric Portfolio Associates LLC now owns 122,590 shares of the energy company’s stock worth $2,495,000 after buying an additional 72,925 shares during the last quarter. 0.97% of the stock is currently owned by institutional investors.

Braskem (NYSE:BAK) opened at 24.97 on Thursday. The company’s 50-day moving average is $20.87 and its 200 day moving average is $20.94. Braskem has a 52 week low of $11.05 and a 52 week high of $25.14.

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About Braskem

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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