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

Shares of Braskem S.A. (NYSE:BAK) gapped up before the market opened on Wednesday . The stock had previously closed at $1.92, but opened at $2.01. Braskem shares last traded at $1.9960, with a volume of 83,857 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BAK. Zacks Research lowered shares of Braskem from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. JPMorgan Chase & Co. lowered shares of Braskem from an “overweight” rating to a “neutral” rating in a research report on Tuesday, June 30th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Braskem in a report on Friday, July 17th. Finally, Citigroup lowered Braskem from a “neutral” rating to a “sell” rating in a research report on Thursday, June 25th. Three research analysts have rated the stock with a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat.com, Braskem presently has a consensus rating of “Strong Sell” and a consensus price target of $3.40.

Braskem Trading Up 6.9%

The stock has a market capitalization of $839.05 million, a price-to-earnings ratio of -0.87, a price-to-earnings-growth ratio of 0.12 and a beta of 1.56. The firm’s fifty day moving average price is $2.18 and its 200 day moving average price is $3.27.

Braskem (NYSE:BAK) last posted its earnings results on Friday, June 26th. The company reported $1.61 earnings per share for the quarter. Braskem had a negative net margin of 7.28% and a negative return on equity of 67.75%. The firm had revenue of $4.20 billion during the quarter. On average, analysts forecast that Braskem S.A. will post 1.58 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Braskem

Institutional investors and hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its stake in Braskem by 444.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company’s stock worth $25,000 after acquiring an additional 7,003 shares in the last quarter. Quadrant Capital Group LLC lifted its position in shares of Braskem by 222.1% during the fourth quarter. Quadrant Capital Group LLC now owns 12,809 shares of the company’s stock worth $38,000 after purchasing an additional 8,832 shares in the last quarter. Cetera Investment Advisers purchased a new position in shares of Braskem in the first quarter valued at approximately $51,000. Brevan Howard Capital Management LP acquired a new position in shares of Braskem in the third quarter valued at approximately $64,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Braskem in the fourth quarter worth $79,000.

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.