Braskem (NYSE:BAK) Shares Gap Down to $6.86

Shares of Braskem S.A. (NYSE:BAK) gapped down before the market opened on Monday . The stock had previously closed at $6.86, but opened at $6.65. Braskem shares last traded at $6.71, with a volume of 38,221 shares changing hands.

Analyst Ratings Changes

Several research firms recently issued reports on BAK. JPMorgan Chase & Co. cut their target price on Braskem from $10.00 to $9.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Citigroup raised Braskem from a “neutral” rating to a “buy” rating in a report on Tuesday, August 20th. Finally, UBS Group upgraded shares of 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.

Braskem Stock Performance

The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 23.25. The company has a market cap of $3.05 billion, a P/E ratio of -2.08 and a beta of 2.02. The business has a fifty day simple moving average of $6.43 and a two-hundred day simple moving average of $7.50.

Braskem (NYSE:BAK) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.78) by $0.30. The business had revenue of $3.66 billion for the quarter, compared to analysts’ expectations of $3.56 billion. Braskem had a negative net margin of 12.98% and a negative return on equity of 276.59%. On average, sell-side analysts anticipate that Braskem S.A. will post -1.3 EPS for the current year.

Institutional Investors Weigh In On Braskem

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BAK. Trexquant Investment LP boosted its holdings in Braskem by 197.1% in the 4th quarter. Trexquant Investment LP now owns 141,852 shares of the company’s stock worth $1,251,000 after buying an additional 94,099 shares during the period. SPX Gestao de Recursos Ltda grew its position in shares of Braskem by 266.9% during the fourth 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 stake in Braskem during the 1st quarter valued at approximately $627,000. American Century Companies Inc. lifted its holdings in Braskem by 1.6% in the 2nd quarter. American Century Companies Inc. now owns 111,968 shares of the company’s stock worth $722,000 after purchasing an additional 1,807 shares in the last quarter. Finally, Marshall Wace LLP grew its holdings in Braskem by 872.0% during the 2nd 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.

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.