Braskem (NYSE:BAK) Shares Gap Down – Here’s What Happened

Braskem S.A. (NYSE:BAK) shares gapped down before the market opened on Thursday . The stock had previously closed at $4.13, but opened at $3.98. Braskem shares last traded at $4.06, with a volume of 122,018 shares traded.

Analysts Set New Price Targets

Separately, Scotiabank downgraded Braskem from a “sector outperform” rating to a “sector perform” rating in a report on Monday, March 3rd.

Braskem Stock Performance

The firm has a fifty day simple moving average of $4.22 and a 200-day simple moving average of $5.09. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of -1.16 and a beta of 2.06.

Braskem (NYSE:BAK) last announced its earnings results on Thursday, February 27th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.01). The company had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.52 billion. Braskem had a negative return on equity of 439.59% and a negative net margin of 9.88%. Analysts expect that Braskem S.A. will post -0.77 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Braskem

A number of large investors have recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in Braskem by 876.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company’s stock valued at $40,000 after purchasing an additional 4,871 shares during the period. R Squared Ltd bought a new stake in shares of Braskem in the fourth quarter valued at about $44,000. Blue Trust Inc. grew its stake in shares of Braskem by 2,510.3% in the fourth quarter. Blue Trust Inc. now owns 13,130 shares of the company’s stock valued at $51,000 after acquiring an additional 12,627 shares in the last quarter. Signaturefd LLC bought a new position in Braskem during the fourth quarter worth about $53,000. Finally, Dark Forest Capital Management LP acquired a new stake in Braskem in the 4th quarter worth about $71,000.

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.