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

Braskem S.A. (NYSE:BAK - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $3.62, but opened at $3.74. Braskem shares last traded at $3.82, with a volume of 99,850 shares trading hands.

Wall Street Analysts Forecast Growth

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

Braskem Trading Down 1.4%

The stock's 50 day moving average is $3.64 and its two-hundred day moving average is $4.03. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of -1.06 and a beta of 1.73.

Braskem (NYSE:BAK - Get Free Report) last announced its earnings results on Monday, May 12th. The company reported $0.30 EPS 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 analysts' expectations of $22.86 billion. Braskem had a negative net margin of 9.88% and a negative return on equity of 439.59%. On average, research analysts anticipate that Braskem S.A. will post -0.77 earnings per share for the current year.

Hedge Funds Weigh In On Braskem

Several institutional investors and hedge funds have recently made changes to their positions in the company. Kapitalo Investimentos Ltda boosted its stake in Braskem by 1,136,346.5% in the 1st quarter. Kapitalo Investimentos Ltda now owns 1,466,016 shares of the company's stock valued at $5,644,000 after purchasing an additional 1,465,887 shares during the period. Covalis Capital LLP lifted its holdings 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 worth $4,531,000 after buying an additional 250,215 shares in the last quarter. Walleye Capital LLC lifted its holdings in shares of Braskem by 60.5% during the fourth quarter. Walleye Capital LLC now owns 512,076 shares of the company's stock worth $1,977,000 after buying an additional 193,120 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Braskem by 126.1% in the fourth quarter. Renaissance Technologies LLC now owns 329,910 shares of the company's stock valued at $1,273,000 after acquiring an additional 184,010 shares during the period. Finally, Trexquant Investment LP grew its stake in shares of Braskem by 145.8% in the fourth quarter. Trexquant Investment LP now owns 258,638 shares of the company's stock valued at $998,000 after acquiring an additional 153,401 shares in 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.