Braskem (NYSE:BAK) Shares Gap Up – Still a Buy?

Braskem S.A. (NYSE:BAK) shares gapped up before the market opened on Tuesday . The stock had previously closed at $4.83, but opened at $5.00. Braskem shares last traded at $4.96, with a volume of 56,063 shares traded.

Analyst Ratings Changes

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

Braskem Trading Up 2.9 %

The company’s 50 day simple moving average is $5.91 and its 200 day simple moving average is $6.39. 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 firm has a market cap of $2.24 billion, a price-to-earnings ratio of -1.41 and a beta of 1.98.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. American Century Companies Inc. boosted its stake in shares of Braskem by 1.6% in the 2nd quarter. American Century Companies Inc. now owns 111,968 shares of the company’s stock valued at $722,000 after buying an additional 1,807 shares during the period. Marshall Wace LLP lifted its stake in Braskem by 872.0% in the second 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. MBB Public Markets I LLC grew its holdings in Braskem by 69.5% during the 2nd quarter. MBB Public Markets I LLC now owns 1,597,293 shares of the company’s stock worth $10,303,000 after acquiring an additional 654,806 shares in the last quarter. Point72 Asset Management L.P. increased its position in shares of Braskem by 60.9% in the 2nd quarter. Point72 Asset Management L.P. now owns 41,200 shares of the company’s stock valued at $266,000 after purchasing an additional 15,600 shares during the last quarter. Finally, MQS Management LLC acquired a new stake in shares of Braskem in the 3rd quarter valued at $77,000.

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.