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

Braskem S.A. (NYSE:BAK - Get Free Report)'s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $3.41, but opened at $3.30. Braskem shares last traded at $3.30, with a volume of 165,048 shares trading hands.

Wall Street Analyst Weigh In

Separately, Scotiabank cut shares of Braskem from a "sector outperform" rating to a "sector perform" rating in a research note on Monday, March 3rd.

Braskem Stock Down 0.8%

The firm has a market cap of $1.27 billion, a PE ratio of -0.76 and a beta of 1.73. The firm's 50 day moving average is $3.70 and its 200-day moving average is $3.90.

Braskem (NYSE:BAK - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.27. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $22.86 billion. Braskem had a negative net margin of 11.85% and a negative return on equity of 439.59%. On average, analysts forecast that Braskem S.A. will post -0.77 earnings per share for the current year.

Hedge Funds Weigh In On Braskem

Institutional investors and hedge funds have recently modified their holdings of the company. Covalis Capital LLP lifted its stake in shares of Braskem by 27.1% during 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 period. Dimensional Fund Advisors LP grew its stake in shares of Braskem by 50.1% during the 4th 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 period. Walleye Capital LLC grew its stake in shares of Braskem by 60.5% during the 4th 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 period. Renaissance Technologies LLC raised its position in shares of Braskem by 126.1% in the 4th quarter. Renaissance Technologies LLC now owns 329,910 shares of the company's stock worth $1,273,000 after buying an additional 184,010 shares during the period. Finally, Jane Street Group LLC boosted its holdings in Braskem by 47.2% in the fourth quarter. Jane Street Group LLC now owns 133,564 shares of the company's stock valued at $516,000 after acquiring an additional 42,828 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.