Braskem (NYSE:BAK) Shares Gap Up – Should You Buy?

Braskem S.A. (NYSE:BAK) gapped up before the market opened on Tuesday . The stock had previously closed at $3.62, but opened at $3.74. Braskem shares last traded at $3.82, with a volume of 99,850 shares.

Analysts Set New Price Targets

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

Braskem Trading Down 1.7%

The stock has a market capitalization of $1.50 billion, a PE ratio of -1.06 and a beta of 1.73. The firm’s fifty day moving average is $3.64 and its 200-day moving average is $4.03.

Braskem (NYSE:BAK) last issued its quarterly earnings data on Monday, May 12th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.27. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $22.86 billion. Braskem had a negative net margin of 9.88% and a negative return on equity of 439.59%. As a group, equities analysts predict that Braskem S.A. will post -0.77 EPS for the current year.

Institutional Trading of Braskem

Institutional investors and hedge funds have recently bought and sold shares of the stock. Covalis Capital LLP raised its holdings in Braskem by 27.1% in the 4th quarter. Covalis Capital LLP now owns 1,173,852 shares of the company’s stock valued at $4,531,000 after buying an additional 250,215 shares during the period. Dimensional Fund Advisors LP raised its holdings in Braskem by 50.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 221,004 shares of the company’s stock valued at $852,000 after buying an additional 73,801 shares during the period. Walleye Capital LLC grew its position in Braskem by 60.5% in the 4th quarter. Walleye Capital LLC now owns 512,076 shares of the company’s stock valued at $1,977,000 after acquiring an additional 193,120 shares in the last quarter. Renaissance Technologies LLC grew its position in Braskem by 126.1% in the 4th quarter. Renaissance Technologies LLC now owns 329,910 shares of the company’s stock valued at $1,273,000 after acquiring an additional 184,010 shares in the last quarter. Finally, Jane Street Group LLC grew its position in Braskem by 47.2% in the 4th quarter. Jane Street Group LLC now owns 133,564 shares of the company’s stock valued at $516,000 after acquiring an additional 42,828 shares in the last quarter.

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.