Braskem (NYSE:BAK) Shares Gap Down After Earnings Miss

Braskem S.A. (NYSE:BAK)’s stock price gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $4.08, but opened at $3.80. Braskem shares last traded at $3.85, with a volume of 384,820 shares changing hands.

The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.38) by ($0.01). Braskem had a negative return on equity of 439.59% and a negative net margin of 9.88%.

Institutional Investors Weigh In On Braskem

Several large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its stake in shares of Braskem by 876.1% in the third quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company’s stock valued at $40,000 after purchasing an additional 4,871 shares during the period. R Squared Ltd purchased a new position in shares of Braskem in the fourth quarter valued at $44,000. Blue Trust Inc. boosted its stake in shares of Braskem by 2,510.3% in the fourth quarter. Blue Trust Inc. now owns 13,130 shares of the company’s stock valued at $51,000 after purchasing an additional 12,627 shares during the period. Signaturefd LLC purchased a new position in shares of Braskem in the fourth quarter valued at $53,000. Finally, Dark Forest Capital Management LP purchased a new position in shares of Braskem in the fourth quarter valued at $71,000.

Braskem Stock Down 5.5 %

The firm has a market capitalization of $1.54 billion, a PE ratio of -1.08 and a beta of 2.03. The firm’s 50 day moving average price is $4.28 and its two-hundred day moving average price is $5.45.

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.