Braskem (NYSE:BAK) Shares Gap Up – Still a Buy?

Shares of Braskem S.A. (NYSE:BAK) gapped up before the market opened on Monday . The stock had previously closed at $4.84, but opened at $4.99. Braskem shares last traded at $5.04, with a volume of 169,077 shares.

Braskem Price Performance

The company’s fifty day moving average price is $4.45 and its 200-day moving average price is $5.75. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of -1.43, a P/E/G ratio of 2.32 and a beta of 2.01.

Hedge Funds Weigh In On Braskem

Several hedge funds have recently made changes to their positions in BAK. American Century Companies Inc. increased its holdings in shares of Braskem by 1.6% in the second quarter. American Century Companies Inc. now owns 111,968 shares of the company’s stock valued at $722,000 after purchasing an additional 1,807 shares during the period. JPMorgan Chase & Co. increased its holdings in Braskem by 876.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company’s stock worth $40,000 after buying an additional 4,871 shares during the period. State Street Corp raised its position in Braskem by 2.3% during the 3rd quarter. State Street Corp now owns 228,110 shares of the company’s stock worth $1,674,000 after buying an additional 5,124 shares during the last quarter. MQS Management LLC acquired a new stake in Braskem during the 3rd quarter valued at approximately $77,000. Finally, R Squared Ltd purchased a new stake in shares of Braskem in the 4th quarter valued at $44,000.

Braskem Company Profile

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.