Braskem (NYSE:BAK) Shares Gap Down – Time to Sell?

Shares of Braskem S.A. (NYSE:BAK) 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.

Wall Street Analyst Weigh In

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

Braskem Stock Performance

The company has a market cap of $1.93 billion, a P/E ratio of -1.20 and a beta of 1.98. The company’s fifty day moving average is $5.70 and its 200 day 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.

Institutional Investors Weigh In On Braskem

Several institutional investors have recently bought and sold shares of BAK. American Century Companies Inc. raised its holdings in Braskem by 1.6% during 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 last quarter. Marshall Wace LLP grew its holdings in shares of 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 period. MBB Public Markets I LLC raised its position in shares of Braskem by 69.5% in 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. lifted its stake 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 period. Finally, MQS Management LLC bought a new stake in shares of Braskem during the third quarter valued at approximately $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.