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

Braskem S.A. (NYSE:BAK - Get Free Report)'s share 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 traded.

Braskem Price Performance

The stock has a market cap of $1.45 billion, a price-to-earnings ratio of -0.87 and a beta of 1.69. The business's fifty day simple moving average is $3.63 and its 200 day simple moving average is $3.85.

Braskem (NYSE:BAK - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported $0.30 EPS for the quarter, topping analysts' consensus estimates of $0.03 by $0.27. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $22.86 billion. As a group, equities analysts forecast that Braskem S.A. will post -0.77 EPS for the current fiscal year.

Hedge Funds Weigh In On Braskem

A number of hedge funds have recently added to or reduced their stakes in BAK. Graham Capital Management L.P. acquired a new position in shares of Braskem during the first quarter valued at $532,000. Jump Financial LLC boosted its holdings in shares of 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 during the period. Banco BTG Pactual S.A. acquired a new position in shares of Braskem during the first quarter valued at $248,000. American Century Companies Inc. boosted its holdings in shares of Braskem by 12.6% during the first quarter. American Century Companies Inc. now owns 110,035 shares of the company's stock valued at $424,000 after acquiring an additional 12,300 shares during the period. Finally, Virtu Financial LLC acquired a new position in shares of Braskem during the first quarter valued at $99,000.

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.