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

Shares of Braskem S.A. (NYSE:BAK) gapped up prior to trading on Thursday . The stock had previously closed at $3.68, but opened at $3.88. Braskem shares last traded at $3.9250, with a volume of 803,522 shares.

Analyst Upgrades and Downgrades

Several research analysts recently commented on BAK shares. Bradesco Corretora downgraded shares of Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price target on the stock. in a research note on Tuesday, April 21st. Bank of America downgraded shares of Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 target price on the stock. in a research report on Thursday, March 26th. JPMorgan Chase & Co. raised shares of Braskem from a “neutral” rating to an “overweight” rating and set a $5.50 target price on the stock in a research report on Tuesday, May 12th. Zacks Research downgraded shares of Braskem from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 18th. Finally, Citigroup raised shares of Braskem from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 1st. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, Braskem has an average rating of “Reduce” and a consensus target price of $3.40.

Braskem Stock Up 1.8%

The stock has a 50-day moving average of $3.98 and a 200 day moving average of $3.67. The stock has a market cap of $1.49 billion, a PE ratio of -0.89, a price-to-earnings-growth ratio of 0.08 and a beta of 1.57.

Braskem (NYSE:BAK) last posted its earnings results on Thursday, May 14th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.48. Braskem had a negative net margin of 13.72% and a negative return on equity of 23.17%. The company had revenue of $3.51 billion during the quarter, compared to the consensus estimate of $3.39 billion. On average, equities analysts anticipate that Braskem S.A. will post 3.15 EPS for the current year.

Hedge Funds Weigh In On Braskem

A number of large investors have recently added to or reduced their stakes in BAK. EverSource Wealth Advisors LLC grew its holdings in shares of Braskem by 444.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company’s stock worth $25,000 after buying an additional 7,003 shares in the last quarter. Quadrant Capital Group LLC grew its holdings in shares of Braskem by 222.1% during the fourth quarter. Quadrant Capital Group LLC now owns 12,809 shares of the company’s stock worth $38,000 after buying an additional 8,832 shares in the last quarter. Signaturefd LLC grew its holdings in shares of Braskem by 50.1% during the fourth quarter. Signaturefd LLC now owns 13,524 shares of the company’s stock worth $40,000 after buying an additional 4,513 shares in the last quarter. Cetera Investment Advisers purchased a new stake in shares of Braskem during the first quarter worth $51,000. Finally, Evergreen Capital Management LLC purchased a new stake in shares of Braskem during the fourth quarter worth $44,000.

About Braskem

Braskem (NYSE:BAK) is a leading integrated petrochemical company based in São Paulo, Brazil, and holds the distinction of being the largest thermoplastic resins producer in Latin America. The company operates across the entire value chain, from feedstock sourcing and polymer production to distribution and recycling. Braskem’s comprehensive approach to petrochemical manufacturing enables it to serve a diverse set of end markets with a broad portfolio of products.

Braskem’s core product lines include polypropylene, polyethylene and polyvinyl chloride (PVC), which are used in industries such as packaging, automotive, construction and electrical & electronics.