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

Braskem S.A. (NYSE:BAK)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $3.68, but opened at $3.88. Braskem shares last traded at $3.9250, with a volume of 803,522 shares traded.

Analyst Ratings Changes

Several research firms have recently commented on BAK. Weiss Ratings reissued a “sell (e+)” rating on shares of Braskem in a report on Monday, April 20th. Bradesco Corretora downgraded Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price objective for the company. in a research note on Tuesday, April 21st. Citigroup raised Braskem from a “strong sell” rating to a “hold” rating in a research note on Wednesday, April 1st. JPMorgan Chase & Co. raised Braskem from a “neutral” rating to an “overweight” rating and set a $5.50 price objective for the company in a research note on Tuesday, May 12th. Finally, Zacks Research downgraded Braskem from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, Braskem currently has an average rating of “Reduce” and a consensus target price of $3.40.

Braskem Price Performance

The stock has a 50-day simple moving average of $3.98 and a 200-day simple moving average of $3.67. The stock has a market cap of $1.46 billion, a PE ratio of -0.87, a P/E/G ratio of 0.08 and a beta of 1.57.

Braskem (NYSE:BAK) last posted its quarterly earnings results on Thursday, May 14th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.48. Braskem had a negative return on equity of 23.17% and a negative net margin of 13.72%.The firm had revenue of $3.51 billion during the quarter, compared to the consensus estimate of $3.39 billion. As a group, equities research analysts anticipate that Braskem S.A. will post 3.15 EPS for the current year.

Institutional Investors Weigh In On Braskem

A number of institutional investors have recently added to or reduced their stakes in the company. UBS Group AG grew its position in Braskem by 2.6% during the third quarter. UBS Group AG now owns 783,445 shares of the company’s stock valued at $1,896,000 after acquiring an additional 19,956 shares during the period. Brooklands Fund Management Ltd acquired a new position in shares of Braskem during the first quarter worth about $2,013,000. State Street Corp lifted its stake in shares of Braskem by 7.2% during the fourth quarter. State Street Corp now owns 311,507 shares of the company’s stock worth $919,000 after purchasing an additional 20,805 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Braskem by 619.5% during the fourth quarter. Renaissance Technologies LLC now owns 265,488 shares of the company’s stock worth $783,000 after purchasing an additional 228,588 shares in the last quarter. Finally, Jump Financial LLC lifted its stake in shares of Braskem by 607.1% during the second quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock worth $865,000 after purchasing an additional 226,467 shares in the last quarter.

Braskem Company Profile

Braskem (NYSE:BAK) is a leading integrated petrochemical company based in São Paulo, Brazil, and holds the distinction of being the largest thermoplastic resins producer in Latin America. The company operates across the entire value chain, from feedstock sourcing and polymer production to distribution and recycling. Braskem’s comprehensive approach to petrochemical manufacturing enables it to serve a diverse set of end markets with a broad portfolio of products.

Braskem’s core product lines include polypropylene, polyethylene and polyvinyl chloride (PVC), which are used in industries such as packaging, automotive, construction and electrical & electronics.