Braskem (NYSE:BAK) Shares Gap Down to $6.86

Braskem S.A. (NYSE:BAK - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $6.86, but opened at $6.65. Braskem shares last traded at $6.71, with a volume of 38,221 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on BAK shares. Citigroup raised Braskem from a "neutral" rating to a "buy" rating in a research report on Tuesday, August 20th. JPMorgan Chase & Co. decreased their target price on shares of Braskem from $10.00 to $9.50 and set a "neutral" rating for the company in a research note on Tuesday, September 10th. Finally, UBS Group raised shares of Braskem from a "neutral" rating to a "buy" rating and upped their price target for the stock from $7.70 to $10.00 in a research report on Wednesday, September 18th.

Braskem Price Performance

The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 23.25. The business has a fifty day moving average of $6.42 and a 200 day moving average of $7.49. The firm has a market cap of $3.08 billion, a P/E ratio of -2.11 and a beta of 2.02.

Braskem (NYSE:BAK - Get Free Report) last issued its earnings results on Thursday, August 8th. The company reported ($0.48) EPS for the quarter, topping the consensus estimate of ($0.78) by $0.30. Braskem had a negative return on equity of 276.59% and a negative net margin of 12.98%. The company had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.56 billion. On average, sell-side analysts anticipate that Braskem S.A. will post -1.3 earnings per share for the current year.

Hedge Funds Weigh In On Braskem

Several institutional investors and hedge funds have recently modified their holdings of BAK. Point72 Asset Management L.P. increased 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 worth $266,000 after purchasing an additional 15,600 shares during the period. Boston Partners acquired a new stake in shares of Braskem during the first quarter worth $627,000. American Century Companies Inc. boosted its position 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 acquiring an additional 1,807 shares during the period. Trexquant Investment LP grew its stake in shares of Braskem by 197.1% in the fourth quarter. Trexquant Investment LP now owns 141,852 shares of the company's stock valued at $1,251,000 after acquiring an additional 94,099 shares in the last quarter. Finally, SPX Gestao de Recursos Ltda increased its position in Braskem by 266.9% during the fourth quarter. SPX Gestao de Recursos Ltda now owns 239,536 shares of the company's stock worth $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.