Braskem (NYSE:BAK) Shares Gap Up to $6.91

Braskem S.A. (NYSE:BAK) gapped up prior to trading on Wednesday . The stock had previously closed at $6.91, but opened at $7.37. Braskem shares last traded at $7.44, with a volume of 324,662 shares trading hands.

Wall Street Analyst Weigh In

BAK has been the subject of several analyst reports. Citigroup raised Braskem from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 20th. JPMorgan Chase & Co. cut their price objective on shares of Braskem from $10.00 to $9.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. Finally, UBS Group upgraded shares of Braskem from a “neutral” rating to a “buy” rating and upped their target price for the company from $7.70 to $10.00 in a report on Wednesday.

Braskem Trading Up 6.5 %

The business has a 50-day moving average of $6.43 and a 200-day moving average of $7.53. The stock has a market capitalization of $3.32 billion, a price-to-earnings ratio of -2.30 and a beta of 2.02. The company has a debt-to-equity ratio of 23.25, a quick ratio of 0.84 and a current ratio of 1.31.

Braskem (NYSE:BAK) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.48) earnings per share for the quarter, beating the consensus estimate of ($0.78) by $0.30. Braskem had a negative return on equity of 276.59% and a negative net margin of 12.98%. The business had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.56 billion. As a group, research analysts forecast that Braskem S.A. will post -1.3 EPS for the current year.

Institutional Investors Weigh In On Braskem

Hedge funds have recently made changes to their positions in the business. Point72 Asset Management L.P. increased its position in Braskem by 60.9% in the 2nd quarter. Point72 Asset Management L.P. now owns 41,200 shares of the company’s stock valued at $266,000 after acquiring an additional 15,600 shares during the period. Jump Financial LLC increased its holdings in shares of Braskem by 4.3% in the fourth quarter. Jump Financial LLC now owns 67,392 shares of the company’s stock valued at $594,000 after purchasing an additional 2,790 shares during the period. Boston Partners acquired a new position in shares of Braskem in the first quarter valued at approximately $627,000. American Century Companies Inc. raised its stake in shares of Braskem by 1.6% during the second 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 during the last quarter. Finally, Trexquant Investment LP lifted its holdings in shares of Braskem by 197.1% during the fourth quarter. Trexquant Investment LP now owns 141,852 shares of the company’s stock worth $1,251,000 after purchasing an additional 94,099 shares during the period.

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.