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

Braskem S.A. (NYSE:BAK) shares gapped down prior to trading on Monday . The stock had previously closed at $4.90, but opened at $4.69. Braskem shares last traded at $4.8530, with a volume of 358,820 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Bradesco Corretora lowered shares of Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price target for the company. in a report on Tuesday, April 21st. Weiss Ratings reissued a “sell (e+)” rating on shares of Braskem in a research report on Monday, April 20th. JPMorgan Chase & Co. upgraded shares of Braskem from a “neutral” rating to an “overweight” rating and set a $5.50 target price on the stock in a research note on Tuesday, May 12th. Bank of America cut shares of Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 target price on the stock. in a research note on Thursday, March 26th. Finally, Citigroup raised shares of Braskem from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 1st. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $3.40.

Braskem Stock Up 0.7%

The firm has a market capitalization of $1.97 billion, a price-to-earnings ratio of -1.17 and a beta of 1.56. The business has a 50-day moving average price of $4.01 and a 200-day moving average price of $3.47.

Braskem (NYSE:BAK) last announced its quarterly earnings results on Thursday, May 14th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.48. The company had revenue of $3.51 billion during the quarter, compared to the consensus estimate of $3.39 billion. Braskem had a negative return on equity of 30.40% and a negative net margin of 13.72%. On average, equities research analysts forecast that Braskem S.A. will post -0.06 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Brooklands Fund Management Ltd purchased a new position in Braskem in the 1st quarter valued at approximately $2,013,000. Renaissance Technologies LLC increased its stake in shares of Braskem by 619.5% during the fourth quarter. Renaissance Technologies LLC now owns 265,488 shares of the company’s stock worth $783,000 after buying an additional 228,588 shares during the period. Jump Financial LLC increased its stake in shares of Braskem by 607.1% during the second quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock worth $865,000 after buying an additional 226,467 shares during the period. Marshall Wace LLP purchased a new stake in shares of Braskem during the fourth quarter worth approximately $477,000. Finally, Jane Street Group LLC increased its stake in shares of Braskem by 193.6% during the fourth quarter. Jane Street Group LLC now owns 220,898 shares of the company’s stock worth $652,000 after buying an additional 145,655 shares during the period.

About Braskem

Braskem (NYSE:BAK) is a leading integrated petrochemical company based in São Paulo, Brazil, and holds the distinction of being the largest thermoplastic resins producer in Latin America. The company operates across the entire value chain, from feedstock sourcing and polymer production to distribution and recycling. Braskem’s comprehensive approach to petrochemical manufacturing enables it to serve a diverse set of end markets with a broad portfolio of products.

Braskem’s core product lines include polypropylene, polyethylene and polyvinyl chloride (PVC), which are used in industries such as packaging, automotive, construction and electrical & electronics.