Braskem (NYSE:BAK) Shares Gap Down - What's Next?

Braskem S.A. (NYSE:BAK - Get Free Report) shares 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 traded.

Wall Street Analyst Weigh In

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

Braskem Price Performance

The firm's fifty day moving average is $3.72 and its 200 day moving average is $3.93. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of -0.78 and a beta of 1.73.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of BAK. Graham Capital Management L.P. acquired a new stake in shares of Braskem during the 1st quarter valued at about $532,000. Jump Financial LLC raised its position in Braskem by 114.4% during the first quarter. Jump Financial LLC now owns 37,304 shares of the company's stock valued at $144,000 after acquiring an additional 19,904 shares in the last quarter. Banco BTG Pactual S.A. acquired a new stake in Braskem in the first quarter valued at approximately $248,000. American Century Companies Inc. grew its position in Braskem by 12.6% in the first quarter. American Century Companies Inc. now owns 110,035 shares of the company's stock worth $424,000 after acquiring an additional 12,300 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in Braskem in the first quarter worth approximately $99,000.

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.

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