Shares of Braskem S.A. (NYSE:BAK – Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $5.08, but opened at $4.93. Braskem shares last traded at $4.90, with a volume of 203,592 shares.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on the stock. Citigroup raised shares of Braskem from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 20th. UBS Group raised Braskem from a “neutral” rating to a “buy” rating and boosted their target price for the company from $7.70 to $10.00 in a 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 report on Tuesday, September 10th.
Read Our Latest Report on Braskem
Braskem Trading Down 5.9 %
Institutional Trading of Braskem
Several hedge funds have recently made changes to their positions in BAK. MQS Management LLC purchased a new stake in shares of Braskem during the 3rd quarter worth $77,000. Virtu Financial LLC acquired a new position in Braskem during the third quarter worth about $88,000. Verition Fund Management LLC acquired a new stake in shares of Braskem in the 3rd quarter worth approximately $123,000. Dynamic Technology Lab Private Ltd acquired a new position in Braskem during the third quarter worth $197,000. Finally, Point72 Asset Management L.P. increased its position in shares of Braskem by 60.9% in the second quarter. Point72 Asset Management L.P. now owns 41,200 shares of the company’s stock valued at $266,000 after buying an additional 15,600 shares in 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.
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