Braskem (NYSE:BAK) Shares Gap Down – Here’s What Happened

Braskem S.A. (NYSE:BAK) gapped down before the market opened on Monday . The stock had previously closed at $4.01, but opened at $3.91. Braskem shares last traded at $3.89, with a volume of 226,880 shares.

Analysts Set New Price Targets

A number of analysts have commented on BAK shares. JPMorgan Chase & Co. reduced their price objective on Braskem from $10.00 to $9.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. UBS Group raised shares of Braskem from a “neutral” rating to a “buy” rating and boosted their price target for the company from $7.70 to $10.00 in a report on Wednesday, September 18th.

Braskem Price Performance

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 stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of -1.11 and a beta of 1.99. The stock has a fifty day moving average of $5.37 and a two-hundred day moving average of $6.18.

Institutional Investors Weigh In On Braskem

A number of hedge funds have recently added to or reduced their stakes in the stock. American Century Companies Inc. increased its holdings 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 purchasing an additional 1,807 shares in the last quarter. Marshall Wace LLP increased its stake in shares of Braskem by 872.0% in the 2nd quarter. Marshall Wace LLP now owns 268,352 shares of the company’s stock valued at $1,731,000 after buying an additional 240,744 shares during the period. MBB Public Markets I LLC raised its position 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 worth $10,303,000 after acquiring an additional 654,806 shares during the last quarter. Point72 Asset Management L.P. raised its position 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 acquiring an additional 15,600 shares during the last quarter. Finally, MQS Management LLC acquired a new position in shares of Braskem during the third 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.