Braskem (NYSE:BAK) Shares Gap Down – What’s Next?

Shares of Braskem S.A. (NYSE:BAKGet 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 %

The company has a 50 day simple moving average of $5.82 and a 200 day simple moving average of $6.36. The stock has a market capitalization of $2.16 billion, a PE ratio of -1.43 and a beta of 1.98. The company has a current ratio of 1.28, a quick ratio of 0.76 and a debt-to-equity ratio of 23.25.

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

(Get Free Report)

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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