Braskem (NYSE:BAK) Shares Gap Down – Should You Sell?

Braskem S.A. (NYSE:BAK)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $5.08, but opened at $4.93. Braskem shares last traded at $4.90, with a volume of 203,592 shares traded.

Analyst Upgrades and Downgrades

BAK has been the subject of a number of analyst reports. Citigroup upgraded shares of Braskem from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 20th. JPMorgan Chase & Co. decreased their price objective on shares of Braskem from $10.00 to $9.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th. Finally, UBS Group upgraded Braskem from a “neutral” rating to a “buy” rating and increased their target price for the company from $7.70 to $10.00 in a research note on Wednesday, September 18th.

Braskem Stock Down 10.7 %

The company’s 50 day simple moving average is $5.70 and its 200-day simple moving average is $6.33. The company has a current ratio of 1.28, a quick ratio of 0.76 and a debt-to-equity ratio of 23.25. The firm has a market cap of $1.93 billion, a P/E ratio of -1.20 and a beta of 1.98.

Hedge Funds Weigh In On Braskem

A number of institutional investors and hedge funds have recently modified their holdings of BAK. Point72 Asset Management L.P. grew its position in shares of Braskem by 329.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 176,800 shares of the company’s stock valued at $1,298,000 after acquiring an additional 135,600 shares during the period. Marshall Wace LLP grew its holdings in Braskem by 872.0% during 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. Dynamic Technology Lab Private Ltd purchased a new stake in Braskem in the third quarter worth about $197,000. American Century Companies Inc. raised its stake 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 worth $722,000 after buying an additional 1,807 shares during the period. Finally, MBB Public Markets I LLC lifted its position in shares of Braskem by 69.5% during the 2nd quarter. MBB Public Markets I LLC now owns 1,597,293 shares of the company’s stock valued at $10,303,000 after buying an additional 654,806 shares in the last quarter.

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.