Braskem (NYSE:BAK) Shares Gap Up - Here's What Happened

Braskem S.A. (NYSE:BAK - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $3.87, but opened at $4.10. Braskem shares last traded at $3.97, with a volume of 202,649 shares.

Analysts Set New Price Targets

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

Braskem Price Performance

The company has a market cap of $1.61 billion, a P/E ratio of -1.14 and a beta of 1.83. The stock's 50-day moving average is $3.65 and its two-hundred day moving average is $4.13.

Braskem (NYSE:BAK - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.03 by $0.27. Braskem had a negative return on equity of 439.59% and a negative net margin of 9.88%. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $22.86 billion. On average, analysts predict that Braskem S.A. will post -0.77 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its stake in shares of Braskem by 876.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company's stock worth $40,000 after acquiring an additional 4,871 shares during the last quarter. R Squared Ltd purchased a new position in shares of Braskem during the 4th quarter worth $44,000. Blue Trust Inc. boosted its stake in shares of Braskem by 2,510.3% during the 4th quarter. Blue Trust Inc. now owns 13,130 shares of the company's stock worth $51,000 after acquiring an additional 12,627 shares during the last quarter. Signaturefd LLC purchased a new position in shares of Braskem during the 4th quarter worth $53,000. Finally, Ballentine Partners LLC purchased a new position in shares of Braskem during the 1st quarter worth $58,000.

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.