Braskem (NYSE:BAK) Shares Gap Down to $6.88

Shares of Braskem S.A. (NYSE:BAK) gapped down prior to trading on Monday . The stock had previously closed at $6.88, but opened at $6.70. Braskem shares last traded at $6.66, with a volume of 199,872 shares trading hands.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. reduced their price objective on Braskem from $11.00 to $10.00 and set a “neutral” rating for the company in a research note on Friday, May 24th.

Braskem Price Performance

The company has a current ratio of 1.46, a quick ratio of 0.95 and a debt-to-equity ratio of 23.25. The firm has a 50-day moving average of $7.82 and a two-hundred day moving average of $8.11.

Braskem (NYSE:BAK) last posted its earnings results on Thursday, May 9th. The company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.12). Braskem had a negative net margin of 8.98% and a negative return on equity of 146.26%. The firm had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.54 billion. As a group, equities analysts predict that Braskem S.A. will post -1.47 earnings per share for the current year.

Institutional Investors Weigh In On Braskem

Several hedge funds have recently modified their holdings of the company. Optiver Holding B.V. raised its holdings in Braskem by 16.8% in the 3rd quarter. Optiver Holding B.V. now owns 417,432 shares of the company’s stock worth $3,427,000 after purchasing an additional 59,916 shares during the period. Trexquant Investment LP increased its position in shares of Braskem by 12.5% in the third quarter. Trexquant Investment LP now owns 47,753 shares of the company’s stock valued at $392,000 after buying an additional 5,294 shares in the last quarter. Alpine Global Management LLC acquired a new position in shares of Braskem during the 3rd quarter worth approximately $82,000. Jump Financial LLC lifted its position in shares of Braskem by 4.3% during the 4th quarter. Jump Financial LLC now owns 67,392 shares of the company’s stock valued at $594,000 after buying an additional 2,790 shares in the last quarter. Finally, SPX Gestao de Recursos Ltda grew its stake in Braskem by 266.9% in the 4th quarter. SPX Gestao de Recursos Ltda now owns 239,536 shares of the company’s stock valued at $2,113,000 after acquiring an additional 174,250 shares during the period.

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.