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

Braskem S.A. (NYSE:BAK) gapped down before the market opened on Monday . The stock had previously closed at $2.45, but opened at $2.37. Braskem shares last traded at $2.3650, with a volume of 185,005 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on BAK shares. Zacks Research downgraded Braskem from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 18th. Bank of America lowered shares of Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price objective for the company. in a research note on Thursday, March 26th. JPMorgan Chase & Co. cut shares of Braskem from an “overweight” rating to a “neutral” rating in a report on Tuesday, June 30th. Bradesco Corretora downgraded shares of Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 target price on the stock. in a research report on Tuesday, April 21st. Finally, Citigroup lowered shares of Braskem from a “neutral” rating to a “sell” rating in a report on Thursday, June 25th. Three investment analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat, Braskem has a consensus rating of “Strong Sell” and a consensus price target of $3.40.

Braskem Trading Down 3.5%

The firm has a 50-day simple moving average of $3.73 and a 200-day simple moving average of $3.67. The firm has a market cap of $942.69 million, a P/E ratio of -0.57, a PEG ratio of 0.06 and a beta of 1.61.

Braskem (NYSE:BAK) last released its quarterly earnings results on Thursday, May 14th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.21 by $0.48. The firm had revenue of $3.51 billion during the quarter, compared to analyst estimates of $3.39 billion. Braskem had a negative return on equity of 23.17% and a negative net margin of 13.72%. Research analysts predict that Braskem S.A. will post 2.79 earnings per share for the current fiscal year.

Institutional Trading of Braskem

Several hedge funds have recently modified their holdings of the company. Jump Financial LLC boosted its holdings in shares of Braskem by 607.1% in the 2nd quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock valued at $865,000 after buying an additional 226,467 shares in the last quarter. Jane Street Group LLC raised its stake in shares of Braskem by 130.3% during the 2nd quarter. Jane Street Group LLC now owns 49,301 shares of the company’s stock worth $162,000 after acquiring an additional 27,891 shares in the last quarter. Van ECK Associates Corp bought a new position in shares of Braskem during the 3rd quarter worth approximately $117,000. UBS Group AG lifted its position in Braskem by 2.6% during the third quarter. UBS Group AG now owns 783,445 shares of the company’s stock valued at $1,896,000 after acquiring an additional 19,956 shares during the last quarter. Finally, Virtu Financial LLC lifted its position in Braskem by 28.7% during the third quarter. Virtu Financial LLC now owns 44,587 shares of the company’s stock valued at $108,000 after acquiring an additional 9,938 shares during the last quarter.

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.