Braskem (NYSE:BAK) Shares Gap Up – Still a Buy?

Braskem S.A. (NYSE:BAK) shares gapped up before the market opened on Tuesday . The stock had previously closed at $4.17, but opened at $4.58. Braskem shares last traded at $4.79, with a volume of 686,240 shares.

Braskem Stock Performance

The company has a 50 day moving average of $4.46 and a 200 day moving average of $5.78. The firm has a market cap of $1.88 billion, a P/E ratio of -1.33, a PEG ratio of 2.37 and a beta of 2.01.

Institutional Investors Weigh In On Braskem

A number of large investors have recently bought and sold shares of BAK. MBB Public Markets I LLC lifted its position in shares of Braskem by 69.5% in the second quarter. MBB Public Markets I LLC now owns 1,597,293 shares of the company’s stock worth $10,303,000 after buying an additional 654,806 shares during the last quarter. Walleye Capital LLC bought a new position in shares of Braskem in the 3rd quarter valued at approximately $2,341,000. Marshall Wace LLP lifted its holdings in Braskem by 872.0% in the 2nd quarter. Marshall Wace LLP now owns 268,352 shares of the company’s stock worth $1,731,000 after purchasing an additional 240,744 shares during the last quarter. Point72 Asset Management L.P. boosted its position in Braskem by 329.1% during the third quarter. Point72 Asset Management L.P. now owns 176,800 shares of the company’s stock worth $1,298,000 after purchasing an additional 135,600 shares during the period. Finally, Jane Street Group LLC grew its holdings in Braskem by 106.8% during the third quarter. Jane Street Group LLC now owns 90,736 shares of the company’s stock valued at $666,000 after purchasing an additional 46,858 shares during the last quarter.

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.