Braskem (NYSE:BAK) Shares Gap Down – What’s Next?

Braskem S.A. (NYSE:BAK)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $3.86, but opened at $3.78. Braskem shares last traded at $3.87, with a volume of 166,722 shares changing hands.

Wall Street Analysts Forecast Growth

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

Braskem Stock Up 2.3 %

The stock’s 50 day moving average is $5.01 and its 200 day moving average is $6.05. The company has a market capitalization of $1.57 billion, a PE ratio of -1.11 and a beta of 1.98. The company has a debt-to-equity ratio of 23.25, a quick ratio of 0.76 and a current ratio of 1.28.

Institutional Investors Weigh In On Braskem

Several institutional investors have recently made changes to their positions in BAK. JPMorgan Chase & Co. increased its holdings in Braskem by 876.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company’s stock worth $40,000 after acquiring an additional 4,871 shares during the period. MQS Management LLC bought a new position in shares of Braskem in the third quarter worth $77,000. Virtu Financial LLC bought a new position in shares of Braskem in the third quarter worth $88,000. Verition Fund Management LLC purchased a new stake in shares of Braskem in the third quarter worth $123,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Braskem during the third quarter valued at $197,000.

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.