Braskem (NYSE:BAK) Shares Gap Down After Earnings Miss

Braskem S.A. (NYSE:BAK) shares gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $4.08, but opened at $3.80. Braskem shares last traded at $3.85, with a volume of 384,820 shares.

The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.01). Braskem had a negative return on equity of 439.59% and a negative net margin of 9.88%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its stake in shares of Braskem by 876.1% during the third quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company’s stock valued at $40,000 after purchasing an additional 4,871 shares in the last quarter. R Squared Ltd purchased a new stake in Braskem during the fourth quarter worth $44,000. Blue Trust Inc. boosted its position in Braskem by 2,510.3% during the 4th quarter. Blue Trust Inc. now owns 13,130 shares of the company’s stock valued at $51,000 after acquiring an additional 12,627 shares in the last quarter. Signaturefd LLC purchased a new position in shares of Braskem in the 4th quarter valued at $53,000. Finally, Dark Forest Capital Management LP bought a new position in shares of Braskem in the 4th quarter worth $71,000.

Braskem Trading Down 2.7 %

The company has a 50-day moving average price of $4.28 and a 200 day moving average price of $5.44. The stock has a market capitalization of $1.58 billion, a P/E ratio of -1.12 and a beta of 2.03.

About Braskem

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.