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

Braskem S.A. (NYSE:BAK) shares gapped down prior to trading on Monday . The stock had previously closed at $4.01, but opened at $3.91. Braskem shares last traded at $3.89, with a volume of 226,880 shares trading hands.

Wall Street Analysts Forecast Growth

BAK has been the subject of several analyst reports. UBS Group upgraded Braskem from a “neutral” rating to a “buy” rating and raised their price objective for the company from $7.70 to $10.00 in a report on Wednesday, September 18th. JPMorgan Chase & Co. cut their price target on shares of Braskem from $10.00 to $9.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th.

Braskem Stock Up 2.3 %

The firm has a market capitalization of $1.57 billion, a P/E ratio of -1.11 and a beta of 1.99. 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 has a fifty day moving average of $5.37 and a 200 day moving average of $6.18.

Institutional Investors Weigh In On Braskem

Several institutional investors have recently added to or reduced their stakes in BAK. MQS Management LLC bought a new stake in shares of Braskem during the 3rd quarter valued at $77,000. Virtu Financial LLC purchased a new stake in shares of Braskem in the 3rd quarter valued at about $88,000. Verition Fund Management LLC bought a new position in shares of Braskem in the third quarter worth approximately $123,000. Dynamic Technology Lab Private Ltd bought a new stake in Braskem during the third quarter valued at approximately $197,000. Finally, Point72 Asset Management L.P. grew its stake in Braskem by 60.9% in the 2nd quarter. Point72 Asset Management L.P. now owns 41,200 shares of the company’s stock worth $266,000 after buying an additional 15,600 shares in 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.