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

Shares of Braskem S.A. (NYSE:BAK) gapped down prior to trading on Thursday . The stock had previously closed at $4.13, but opened at $3.98. Braskem shares last traded at $4.06, with a volume of 122,018 shares trading hands.

Analyst Ratings Changes

Separately, Scotiabank downgraded Braskem from a “sector outperform” rating to a “sector perform” rating in a research report on Monday, March 3rd.

Braskem Stock Down 0.8 %

The business’s 50 day simple moving average is $4.22 and its 200-day simple moving average is $5.09. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of -1.16 and a beta of 2.06.

Braskem (NYSE:BAK) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.01). Braskem had a negative net margin of 9.88% and a negative return on equity of 439.59%. The firm had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.52 billion. On average, analysts expect that Braskem S.A. will post -0.77 earnings per share for the current year.

Institutional Trading of Braskem

Large investors have recently bought and sold shares of the business. Point72 Asset Management L.P. raised its stake in Braskem by 329.1% during the third quarter. Point72 Asset Management L.P. now owns 176,800 shares of the company’s stock worth $1,298,000 after acquiring an additional 135,600 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Braskem by 876.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company’s stock valued at $40,000 after purchasing an additional 4,871 shares during the last quarter. R Squared Ltd acquired a new position in Braskem during the 4th quarter worth approximately $44,000. Jane Street Group LLC lifted its stake in Braskem by 106.8% in the 3rd quarter. Jane Street Group LLC now owns 90,736 shares of the company’s stock valued at $666,000 after purchasing an additional 46,858 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in Braskem by 2,510.3% in the fourth quarter. Blue Trust Inc. now owns 13,130 shares of the company’s stock valued at $51,000 after buying an additional 12,627 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.