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

Braskem S.A. (NYSE:BAK)’s share price gapped down before the market opened on Friday . The stock had previously closed at $2.67, but opened at $2.51. Braskem shares last traded at $2.45, with a volume of 756,877 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a research note on Monday, April 20th. Bank of America cut shares of Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price target on the stock. in a research report on Thursday, March 26th. JPMorgan Chase & Co. raised Braskem from a “neutral” rating to an “overweight” rating and set a $5.50 price objective for the company in a research note on Tuesday, May 12th. Citigroup cut shares of Braskem from a “neutral” rating to a “sell” rating in a research note on Thursday. Finally, Bradesco Corretora downgraded Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price objective on the stock. in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $3.40.

Braskem Stock Down 4.3%

The company’s 50 day moving average price is $3.87 and its 200 day moving average price is $3.69. The firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of -0.60, a P/E/G ratio of 0.06 and a beta of 1.57.

Braskem (NYSE:BAK) last announced its quarterly earnings data on Thursday, May 14th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.21 by $0.48. The business had revenue of $3.51 billion during the quarter, compared to analysts’ expectations of $3.39 billion. Braskem had a negative net margin of 13.72% and a negative return on equity of 23.17%. As a group, analysts expect that Braskem S.A. will post 3.15 earnings per share for the current year.

Institutional Investors Weigh In On Braskem

A number of institutional investors have recently added to or reduced their stakes in the stock. Jump Financial LLC increased its stake in Braskem by 607.1% during the 2nd quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock worth $865,000 after buying an additional 226,467 shares in the last quarter. Jane Street Group LLC boosted its position in shares of Braskem by 130.3% during the 2nd quarter. Jane Street Group LLC now owns 49,301 shares of the company’s stock valued at $162,000 after acquiring an additional 27,891 shares during the last quarter. Van ECK Associates Corp acquired a new stake in shares of Braskem during the 3rd quarter worth approximately $117,000. UBS Group AG raised its position in Braskem by 2.6% in the third quarter. UBS Group AG now owns 783,445 shares of the company’s stock valued at $1,896,000 after purchasing an additional 19,956 shares during the period. Finally, Virtu Financial LLC lifted its position in Braskem by 28.7% in the third quarter. Virtu Financial LLC now owns 44,587 shares of the company’s stock valued at $108,000 after buying an additional 9,938 shares during the last quarter.

About Braskem

Braskem (NYSE:BAK) is a leading integrated petrochemical company based in São Paulo, Brazil, and holds the distinction of being the largest thermoplastic resins producer in Latin America. The company operates across the entire value chain, from feedstock sourcing and polymer production to distribution and recycling. Braskem’s comprehensive approach to petrochemical manufacturing enables it to serve a diverse set of end markets with a broad portfolio of products.

Braskem’s core product lines include polypropylene, polyethylene and polyvinyl chloride (PVC), which are used in industries such as packaging, automotive, construction and electrical & electronics.