Braskem (NYSE:BAK) Shares Gap Down on Analyst Downgrade

Shares of Braskem S.A. (NYSE:BAK) gapped down before the market opened on Thursday after Bank of America downgraded the stock from a neutral rating to an underperform rating. The stock had previously closed at $4.24, but opened at $3.97. Bank of America now has a $2.80 price target on the stock. Braskem shares last traded at $4.0550, with a volume of 890,624 shares changing hands.

Other equities analysts have also issued reports about the stock. Citigroup lowered shares of Braskem from a “hold” rating to a “sell” rating in a report on Monday, February 16th. Zacks Research downgraded shares of Braskem from a “strong-buy” rating to a “hold” rating in a report on Monday, January 19th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Braskem in a research report on Wednesday, January 21st. Three research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Strong Sell” and a consensus price target of $3.87.

Institutional Trading of Braskem

Institutional investors have recently bought and sold shares of the business. Millennium Management LLC purchased a new stake in shares of Braskem in the fourth quarter valued at approximately $112,000. Schonfeld Strategic Advisors LLC acquired a new position in shares of Braskem during the 4th quarter worth approximately $232,000. Squarepoint Ops LLC purchased a new position in shares of Braskem during the 4th quarter valued at approximately $79,000. Marshall Wace LLP acquired a new stake in Braskem in the 4th quarter valued at $477,000. Finally, State Street Corp grew its stake in Braskem by 7.2% in the 4th quarter. State Street Corp now owns 311,507 shares of the company’s stock valued at $919,000 after acquiring an additional 20,805 shares during the period.

Braskem Trading Down 7.2%

The company has a market cap of $1.57 billion, a PE ratio of -1.73 and a beta of 1.84. The firm’s fifty day moving average is $3.94 and its 200 day moving average is $3.23.

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.