Braskem (NYSE:BAK) Shares Gap Down – Time to Sell?

Braskem S.A. (NYSE:BAK) shares gapped down before the market opened on Thursday . The stock had previously closed at $3.86, but opened at $3.78. Braskem shares last traded at $3.87, with a volume of 166,722 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. UBS Group upgraded Braskem from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $7.70 to $10.00 in a research note on Wednesday, September 18th. JPMorgan Chase & Co. dropped their price target on Braskem from $10.00 to $9.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th.

Braskem Trading Down 5.5 %

The firm has a market cap of $1.51 billion, a PE ratio of -1.06 and a beta of 1.98. The company has a debt-to-equity ratio of 23.25, a current ratio of 1.28 and a quick ratio of 0.76. The stock’s fifty day simple moving average is $4.92 and its 200-day simple moving average is $6.01.

Institutional Trading of Braskem

Several large investors have recently added to or reduced their stakes in BAK. American Century Companies Inc. lifted its holdings 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 period. JPMorgan Chase & Co. raised its position in Braskem by 876.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company’s stock worth $40,000 after buying an additional 4,871 shares during the last quarter. State Street Corp lifted its stake in Braskem by 2.3% during the 3rd quarter. State Street Corp now owns 228,110 shares of the company’s stock valued at $1,674,000 after acquiring an additional 5,124 shares during the period. MQS Management LLC purchased a new stake in shares of Braskem in the 3rd quarter valued at $77,000. Finally, Virtu Financial LLC acquired a new stake in shares of Braskem in the third quarter worth $88,000.

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.