Braskem (NYSE:BAK) Shares Gap Up to $6.91

Braskem S.A. (NYSE:BAK) shares gapped up prior to trading on Wednesday . The stock had previously closed at $6.91, but opened at $7.37. Braskem shares last traded at $7.44, with a volume of 324,662 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on BAK shares. JPMorgan Chase & Co. dropped their price target on Braskem from $10.00 to $9.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. UBS Group upgraded Braskem from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $7.70 to $10.00 in a research report on Wednesday. Finally, Citigroup upgraded Braskem from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 20th.

Braskem Stock Performance

The stock has a market cap of $3.18 billion, a P/E ratio of -2.18 and a beta of 2.02. The business has a 50 day moving average price of $6.43 and a 200 day moving average price of $7.52. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 23.25.

Braskem (NYSE:BAK) last released its earnings results on Thursday, August 8th. The company reported ($0.48) EPS for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.30. The firm had revenue of $3.66 billion for the quarter, compared to analysts’ expectations of $3.56 billion. Braskem had a negative return on equity of 276.59% and a negative net margin of 12.98%. As a group, sell-side analysts expect that Braskem S.A. will post -1.3 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. grew its stake in shares of Braskem by 60.9% during the second quarter. Point72 Asset Management L.P. now owns 41,200 shares of the company’s stock valued at $266,000 after buying an additional 15,600 shares during the last quarter. MBB Public Markets I LLC boosted its holdings in shares of Braskem by 69.5% in the second quarter. MBB Public Markets I LLC now owns 1,597,293 shares of the company’s stock valued at $10,303,000 after purchasing an additional 654,806 shares during the period. Marshall Wace LLP boosted its holdings in shares of Braskem by 872.0% in the second quarter. Marshall Wace LLP now owns 268,352 shares of the company’s stock valued at $1,731,000 after purchasing an additional 240,744 shares during the period. American Century Companies Inc. boosted its holdings in shares of Braskem by 1.6% in the second quarter. American Century Companies Inc. now owns 111,968 shares of the company’s stock valued at $722,000 after purchasing an additional 1,807 shares during the period. Finally, Boston Partners purchased a new stake in shares of Braskem in the first quarter valued at approximately $627,000.

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.