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

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 Analyst Weigh In

Several equities research analysts have recently commented on BAK shares. UBS Group raised shares of Braskem from a “neutral” rating to a “buy” rating and boosted 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 company has a current ratio of 1.28, a quick ratio of 0.76 and a debt-to-equity ratio of 23.25. The stock has a market capitalization of $1.57 billion, a PE ratio of -1.11 and a beta of 1.98. The stock’s fifty day simple moving average is $5.01 and its 200-day simple moving average is $6.05.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. boosted its position in Braskem by 329.1% in the third quarter. Point72 Asset Management L.P. now owns 176,800 shares of the company’s stock worth $1,298,000 after purchasing an additional 135,600 shares during the last quarter. Marshall Wace LLP boosted its holdings in shares of Braskem by 872.0% in the 2nd quarter. Marshall Wace LLP now owns 268,352 shares of the company’s stock worth $1,731,000 after buying an additional 240,744 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Braskem in the 3rd quarter worth about $197,000. American Century Companies Inc. grew its position in Braskem by 1.6% during the second 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 period. Finally, MBB Public Markets I LLC increased its holdings in Braskem by 69.5% during the second quarter. MBB Public Markets I LLC now owns 1,597,293 shares of the company’s stock worth $10,303,000 after buying an additional 654,806 shares during 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.