Braskem (NYSE:BAK) Shares Gap Down - Here's What Happened

Braskem S.A. (NYSE:BAK - Get Free Report)'s stock price gapped down before the market opened on Thursday . The stock had previously closed at $3.86, but opened at $3.78. Braskem shares last traded at $3.87, with a volume of 166,722 shares traded.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. UBS Group raised shares of Braskem from a "neutral" rating to a "buy" rating and raised their target price for the stock from $7.70 to $10.00 in a report on Wednesday, September 18th. JPMorgan Chase & Co. lowered their price objective on Braskem from $10.00 to $9.50 and set a "neutral" rating on the stock in a research note on Tuesday, September 10th.

Braskem Price Performance

The firm has a market cap of $1.59 billion, a P/E ratio of -1.13 and a beta of 1.98. The company has a debt-to-equity ratio of 23.25, a current ratio of 1.28 and a quick ratio of 0.76. The company's 50-day moving average is $5.01 and its two-hundred day moving average is $6.05.

Institutional Trading of Braskem

Large investors have recently made changes to their positions in the company. Point72 Asset Management L.P. grew its stake in shares of Braskem by 329.1% during the third quarter. Point72 Asset Management L.P. now owns 176,800 shares of the company's stock worth $1,298,000 after buying an additional 135,600 shares during the last quarter. Marshall Wace LLP grew its position in Braskem by 872.0% during the 2nd quarter. Marshall Wace LLP now owns 268,352 shares of the company's stock worth $1,731,000 after acquiring an additional 240,744 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Braskem in the 3rd quarter worth about $197,000. American Century Companies Inc. raised its position in 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 last quarter. Finally, MBB Public Markets I LLC boosted its stake in shares of Braskem by 69.5% during 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 in the last quarter.

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.