Braskem (NYSE:BAK) Shares Gap Up – Time to Buy?

Shares of Braskem S.A. (NYSE:BAK) gapped up prior to trading on Tuesday . The stock had previously closed at $3.63, but opened at $3.72. Braskem shares last traded at $3.74, with a volume of 112,165 shares traded.

Analyst Upgrades and Downgrades

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

Braskem Stock Up 3.2 %

The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of -1.05 and a beta of 2.06. The business’s 50-day moving average is $4.23 and its 200-day moving average is $5.12.

Braskem (NYSE:BAK) last released its earnings results on Thursday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.01). Braskem had a negative return on equity of 439.59% and a negative net margin of 9.88%. The business had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.52 billion. As a group, analysts expect that Braskem S.A. will post -0.77 EPS for the current year.

Hedge Funds Weigh In On Braskem

Several large investors have recently modified their holdings of the business. Point72 Asset Management L.P. raised its holdings 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 valued at $1,298,000 after buying an additional 135,600 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Braskem by 876.1% during the third quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company’s stock worth $40,000 after purchasing an additional 4,871 shares in the last quarter. R Squared Ltd purchased a new position in shares of Braskem in the fourth quarter valued at approximately $44,000. Jane Street Group LLC grew its holdings in shares of Braskem by 106.8% in the third quarter. Jane Street Group LLC now owns 90,736 shares of the company’s stock valued at $666,000 after purchasing an additional 46,858 shares in the last quarter. Finally, Blue Trust Inc. increased its stake in Braskem by 2,510.3% during the 4th quarter. Blue Trust Inc. now owns 13,130 shares of the company’s stock worth $51,000 after buying an additional 12,627 shares during the period.

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.