Braskem (NYSE:BAK) Shares Gap Down – Here’s Why

Shares of Braskem S.A. (NYSE:BAK) gapped down before the market opened on Thursday . The stock had previously closed at $4.13, but opened at $3.98. Braskem shares last traded at $4.06, with a volume of 122,018 shares.

Wall Street Analysts Forecast Growth

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

Braskem Price Performance

The firm has a market cap of $1.57 billion, a price-to-earnings ratio of -1.11 and a beta of 2.06. The firm’s 50 day moving average price is $4.22 and its two-hundred day moving average price is $5.06.

Braskem (NYSE:BAK) last issued its earnings results on Thursday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.01). The business had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.52 billion. Braskem had a negative return on equity of 439.59% and a negative net margin of 9.88%. On average, analysts anticipate that Braskem S.A. will post -0.77 earnings per share for the current year.

Institutional Trading of Braskem

Several institutional investors have recently made changes to their positions in the stock. Squarepoint Ops LLC purchased a new position in Braskem in the 4th quarter worth approximately $164,000. Point72 Asset Management L.P. boosted its position in Braskem by 2.3% in the 4th quarter. Point72 Asset Management L.P. now owns 180,900 shares of the company’s stock valued at $698,000 after buying an additional 4,100 shares during the last quarter. Balyasny Asset Management L.P. increased its position in shares of Braskem by 55.3% during the fourth quarter. Balyasny Asset Management L.P. now owns 46,445 shares of the company’s stock worth $179,000 after acquiring an additional 16,545 shares during the last quarter. Bank of America Corp DE grew its stake in Braskem by 431.0% during the 4th quarter. Bank of America Corp DE now owns 134,824 shares of the company’s stock valued at $520,000 after purchasing an additional 109,433 shares in the last quarter. Finally, Jane Street Group LLC increased its holdings in Braskem by 47.2% during the 4th quarter. Jane Street Group LLC now owns 133,564 shares of the company’s stock worth $516,000 after purchasing an additional 42,828 shares during the last quarter.

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.