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

Braskem S.A. (NYSE:BAK - Get Free Report)'s stock price gapped down prior to trading on Thursday . The stock had previously closed at $3.67, but opened at $3.56. Braskem shares last traded at $3.54, with a volume of 439,744 shares changing hands.

Braskem Price Performance

The stock has a market cap of $1.42 billion, a price-to-earnings ratio of -0.85 and a beta of 1.69. The firm has a fifty day moving average of $3.63 and a 200 day moving average of $3.85.

Braskem (NYSE:BAK - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.03 by $0.27. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $22.86 billion. Research analysts anticipate that Braskem S.A. will post -0.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Braskem

Several hedge funds and other institutional investors have recently made changes to their positions in BAK. Signaturefd LLC acquired a new stake in shares of Braskem in the fourth quarter valued at approximately $53,000. Ballentine Partners LLC acquired a new stake in Braskem during the first quarter worth $58,000. R Squared Ltd raised its position in Braskem by 55.2% in the first quarter. R Squared Ltd now owns 17,600 shares of the company's stock valued at $68,000 after purchasing an additional 6,260 shares during the period. Dark Forest Capital Management LP purchased a new stake in Braskem in the fourth quarter valued at $71,000. Finally, HighTower Advisors LLC raised its position in Braskem by 19.4% in the fourth quarter. HighTower Advisors LLC now owns 19,213 shares of the company's stock valued at $74,000 after purchasing an additional 3,126 shares during the period.

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.