Braskem (NYSE:BAK) Shares Gap Down on Disappointing Earnings

Braskem S.A. (NYSE:BAK) gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $4.08, but opened at $3.80. Braskem shares last traded at $3.85, with a volume of 384,820 shares changing hands.

The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.38) by ($0.01). Braskem had a negative return on equity of 439.59% and a negative net margin of 9.88%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Squarepoint Ops LLC purchased a new stake in shares of Braskem during the fourth quarter worth about $164,000. Point72 Asset Management L.P. boosted its stake in Braskem by 2.3% in the 4th quarter. Point72 Asset Management L.P. now owns 180,900 shares of the company’s stock worth $698,000 after purchasing an additional 4,100 shares in the last quarter. Balyasny Asset Management L.P. grew its position in Braskem by 55.3% during the 4th quarter. Balyasny Asset Management L.P. now owns 46,445 shares of the company’s stock worth $179,000 after purchasing an additional 16,545 shares during the last quarter. Bank of America Corp DE grew its position in Braskem by 431.0% during the 4th quarter. Bank of America Corp DE now owns 134,824 shares of the company’s stock worth $520,000 after purchasing an additional 109,433 shares during the last quarter. Finally, Jane Street Group LLC increased its stake in Braskem by 47.2% during the 4th quarter. Jane Street Group LLC now owns 133,564 shares of the company’s stock valued at $516,000 after purchasing an additional 42,828 shares in the last quarter.

Braskem Price Performance

The stock’s fifty day simple moving average is $4.28 and its 200-day simple moving average is $5.44. The firm has a market cap of $1.58 billion, a PE ratio of -1.12 and a beta of 2.03.

About Braskem

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.