Braskem (NYSE:BAK) Shares Gap Up – What’s Next?

Braskem S.A. (NYSE:BAK)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $3.63, but opened at $3.72. Braskem shares last traded at $3.74, with a volume of 112,165 shares traded.

Analyst Upgrades and Downgrades

Separately, Scotiabank downgraded shares of Braskem from a “sector outperform” rating to a “sector perform” rating in a research report on Monday, March 3rd.

Braskem Stock Up 11.5 %

The firm has a market cap of $1.64 billion, a price-to-earnings ratio of -1.16 and a beta of 2.06. The stock has a 50 day moving average of $4.22 and a 200 day moving average of $5.09.

Braskem (NYSE:BAK) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.39) earnings per share 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%. The firm had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.52 billion. As a group, analysts predict that Braskem S.A. will post -0.77 EPS for the current fiscal year.

Hedge Funds Weigh In On Braskem

Institutional investors have recently modified their holdings of the business. Squarepoint Ops LLC bought a new position in Braskem in the fourth quarter valued at about $164,000. Point72 Asset Management L.P. grew its holdings in shares of Braskem by 2.3% during the 4th quarter. Point72 Asset Management L.P. now owns 180,900 shares of the company’s stock valued at $698,000 after purchasing an additional 4,100 shares during the last quarter. Balyasny Asset Management L.P. increased its position in Braskem by 55.3% during the 4th quarter. Balyasny Asset Management L.P. now owns 46,445 shares of the company’s stock worth $179,000 after purchasing an additional 16,545 shares in the last quarter. Bank of America Corp DE lifted its stake in Braskem by 431.0% in the 4th quarter. Bank of America Corp DE now owns 134,824 shares of the company’s stock valued at $520,000 after purchasing an additional 109,433 shares during the last quarter. Finally, Jane Street Group LLC boosted its position in Braskem by 47.2% in the fourth quarter. Jane Street Group LLC now owns 133,564 shares of the company’s stock valued at $516,000 after buying an additional 42,828 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.