Braskem (NYSE:BAK) Shares Gap Up - Still a Buy?

Braskem S.A. (NYSE:BAK - Get Free Report)'s share price gapped up prior to trading on Wednesday . The stock had previously closed at $3.39, but opened at $3.65. Braskem shares last traded at $3.67, with a volume of 764,497 shares.

Braskem Stock Up 8.3%

The firm has a fifty 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 $1.46 billion, a P/E ratio of -0.88 and a beta of 1.69.

Braskem (NYSE:BAK - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.03 by $0.27. The firm had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $22.86 billion. Sell-side 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 institutional investors and hedge funds have recently made changes to their positions in the company. Kapitalo Investimentos Ltda lifted its position 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 acquiring an additional 1,465,887 shares in the last quarter. 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 valued at $4,531,000 after purchasing an additional 250,215 shares in the last quarter. Marshall Wace LLP boosted its position in shares of Braskem by 14.3% during the fourth quarter. Marshall Wace LLP now owns 787,348 shares of the company's stock valued at $3,039,000 after buying an additional 98,406 shares during the last quarter. Walleye Capital LLC increased its holdings in Braskem by 60.5% in the 4th 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. Finally, Renaissance Technologies LLC raised its position in Braskem by 126.1% in the 4th quarter. Renaissance Technologies LLC now owns 329,910 shares of the company's stock worth $1,273,000 after buying an additional 184,010 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.