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

Shares of Braskem S.A. (NYSE:BAK - Get Free Report) 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 Trading Up 0.7%

The company has a 50-day moving average price of $3.63 and a two-hundred day moving average price of $3.85. The stock has a market capitalization of $1.47 billion, a P/E ratio of -0.88 and a beta of 1.69.

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

Institutional Trading of Braskem

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC bought a new position in shares of Braskem in the fourth quarter valued at approximately $53,000. Ballentine Partners LLC bought a new position in Braskem in the first quarter valued at $58,000. R Squared Ltd grew its stake in shares of Braskem by 55.2% during the first quarter. R Squared Ltd now owns 17,600 shares of the company's stock valued at $68,000 after buying an additional 6,260 shares during the last quarter. Dark Forest Capital Management LP bought a new position in shares of Braskem during the fourth quarter valued at about $71,000. Finally, HighTower Advisors LLC grew its stake in shares of Braskem by 19.4% during the fourth quarter. HighTower Advisors LLC now owns 19,213 shares of the company's stock valued at $74,000 after buying an additional 3,126 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.

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