Braskem (NYSE:BAK) Shares Gap Down - Here's What Happened

Key Points

• Braskem's share price experienced a significant drop, gapping down from a previous close of $3.20 to an opening price of $3.09 and last trading at $3.01.
• The company reported a quarterly loss of ($0.14) EPS, exceeding analysts' expectations, with revenue coming in at $3.38 billion against forecasts of $18.76 billion.
• Several institutional investors have increased their stakes in Braskem, including Kapitalo Investimentos Ltda, which boosted its position by over 1,136,000% in the first quarter.

Braskem S.A. (NYSE:BAK - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $3.20, but opened at $3.09. Braskem shares last traded at $3.01, with a volume of 413,707 shares.

Braskem Price Performance

The stock's fifty day moving average is $3.33 and its 200-day moving average is $3.68. The stock has a market capitalization of $1.14 billion, a PE ratio of -1.13 and a beta of 1.70.

Braskem (NYSE:BAK - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.70) by $0.56. The firm had revenue of $3.38 billion for the quarter, compared to analysts' expectations of $18.76 billion. On average, analysts forecast that Braskem S.A. will post -0.77 EPS for the current year.

Hedge Funds Weigh In On Braskem

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BAK. Renaissance Technologies LLC raised its position in shares of Braskem by 126.1% in the fourth quarter. Renaissance Technologies LLC now owns 329,910 shares of the company's stock valued at $1,273,000 after buying an additional 184,010 shares during the last quarter. Walleye Capital LLC raised its position in shares of Braskem by 60.5% in the fourth quarter. Walleye Capital LLC now owns 512,076 shares of the company's stock valued at $1,977,000 after buying an additional 193,120 shares during the last quarter. Marshall Wace LLP raised its position in shares of Braskem by 14.3% in the fourth quarter. Marshall Wace LLP now owns 787,348 shares of the company's stock valued at $3,039,000 after buying an additional 98,406 shares during the last quarter. Covalis Capital LLP raised its position in shares of Braskem by 27.1% in the fourth 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 last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Braskem by 50.1% in the fourth 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 last quarter.

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.