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

Braskem S.A. (NYSE:BAK) gapped down prior to trading on Friday . The stock had previously closed at $3.31, but opened at $3.15. Braskem shares last traded at $3.0950, with a volume of 526,969 shares traded.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a research note on Wednesday, October 8th. Citigroup downgraded Braskem from a “buy” rating to a “hold” rating in a report on Friday, October 10th. Zacks Research raised Braskem from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 29th. UBS Group lowered shares of Braskem from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $5.10 to $3.80 in a report on Friday, September 26th. Finally, Santander cut Braskem from a “neutral” rating to an “underperform” rating in a research note on Thursday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Braskem presently has an average rating of “Hold” and a consensus target price of $4.40.

Braskem Stock Down 8.0%

The stock has a market cap of $1.30 billion, a PE ratio of -1.34 and a beta of 1.88. The firm’s fifty day moving average price is $2.94 and its 200 day moving average price is $2.99.

Braskem (NYSE:BAK) last issued its quarterly earnings data on Wednesday, November 12th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.46. The firm had revenue of $3.25 billion for the quarter, compared to analysts’ expectations of $3.23 billion. As a group, analysts anticipate that Braskem S.A. will post -0.77 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BAK. Centric Wealth Management purchased a new position in shares of Braskem in the 2nd quarter valued at $128,000. Jump Financial LLC boosted its holdings in shares of Braskem by 607.1% in the 2nd quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock valued at $865,000 after buying an additional 226,467 shares in the last quarter. Jane Street Group LLC raised its stake in shares of Braskem by 130.3% during the 2nd quarter. Jane Street Group LLC now owns 49,301 shares of the company’s stock worth $162,000 after acquiring an additional 27,891 shares in the last quarter. Ballentine Partners LLC purchased a new position in Braskem in the third quarter worth $34,000. Finally, Van ECK Associates Corp acquired a new stake in shares of Braskem in the 3rd quarter worth $117,000.

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.