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

Braskem S.A. (NYSE:BAK)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $4.01, but opened at $3.91. Braskem shares last traded at $3.89, with a volume of 226,880 shares trading hands.

Analysts Set New Price Targets

BAK has been the subject of a number of analyst reports. UBS Group raised Braskem from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $7.70 to $10.00 in a report on Wednesday, September 18th. JPMorgan Chase & Co. cut their price target on shares of Braskem from $10.00 to $9.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th.

Braskem Price Performance

The stock has a fifty day moving average of $5.42 and a 200-day moving average of $6.21. The firm has a market capitalization of $1.55 billion, a P/E ratio of -1.09 and a beta of 1.98. The company has a quick ratio of 0.76, a current ratio of 1.28 and a debt-to-equity ratio of 23.25.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. MBB Public Markets I LLC raised its stake in shares of 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. Walleye Capital LLC bought a new stake in shares of Braskem during the 3rd quarter valued at $2,341,000. Marshall Wace LLP raised its position in shares of Braskem by 872.0% during the 2nd quarter. Marshall Wace LLP now owns 268,352 shares of the company’s stock valued at $1,731,000 after acquiring an additional 240,744 shares during the last quarter. Point72 Asset Management L.P. boosted its position in shares of Braskem by 329.1% in the 3rd 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. Finally, Jane Street Group LLC boosted its position in shares of Braskem by 106.8% in the 3rd quarter. Jane Street Group LLC now owns 90,736 shares of the company’s stock worth $666,000 after purchasing an additional 46,858 shares during 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.