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

Braskem S.A. (NYSE:BAK)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $2.79, but opened at $2.94. Braskem shares last traded at $3.0060, with a volume of 353,917 shares changing hands.

Wall Street Analyst Weigh In

BAK has been the subject of a number of recent research reports. Citigroup downgraded Braskem from a “buy” rating to a “hold” rating in a research note on Friday, October 10th. UBS Group cut shares of Braskem from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $5.10 to $3.80 in a research report on Friday, September 26th. Zacks Research downgraded shares of Braskem from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 30th. Santander cut shares of Braskem from a “neutral” rating to an “underperform” rating in a research note on Thursday, October 16th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Braskem in a research report on Wednesday, October 8th. Five analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $4.40.

Braskem Trading Up 9.3%

The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of -1.34 and a beta of 1.89. The firm’s fifty day moving average price is $2.79 and its 200 day moving average price is $3.04.

Braskem (NYSE:BAK) last announced its earnings results on Wednesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.46. The firm had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.23 billion. On average, analysts forecast that Braskem S.A. will post -0.77 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Braskem

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. UBS Group AG grew its position in Braskem by 2.6% in the 3rd quarter. UBS Group AG now owns 783,445 shares of the company’s stock valued at $1,896,000 after acquiring an additional 19,956 shares in the last quarter. Jump Financial LLC grew its holdings in shares of Braskem by 607.1% in the second quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock valued at $865,000 after purchasing an additional 226,467 shares in the last quarter. Graham Capital Management L.P. purchased a new stake in Braskem during the 1st quarter worth approximately $532,000. American Century Companies Inc. lifted its holdings in Braskem by 12.6% during the 1st quarter. American Century Companies Inc. now owns 110,035 shares of the company’s stock worth $424,000 after buying an additional 12,300 shares in the last quarter. Finally, Creative Planning lifted its holdings in Braskem by 145.0% during the 3rd quarter. Creative Planning now owns 56,790 shares of the company’s stock worth $137,000 after buying an additional 33,614 shares in the last quarter.

Braskem Company Profile

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.