Braskem (NYSE:BAK) Shares Gap Down to $22.40

Braskem S.A. (NYSE:BAK) shares gapped down prior to trading on Wednesday . The stock had previously closed at $22.40, but opened at $21.93. Braskem shares last traded at $22.42, with a volume of 3,063 shares trading hands.

BAK has been the subject of a number of recent analyst reports. TheStreet upgraded shares of Braskem from a “d+” rating to a “c-” rating in a research report on Friday, May 21st. Zacks Investment Research cut shares of Braskem from a “buy” rating to a “sell” rating in a research report on Tuesday. HSBC restated a “hold” rating and issued a $20.00 price objective on shares of Braskem in a research report on Wednesday, April 28th. JPMorgan Chase & Co. upgraded shares of Braskem from a “neutral” rating to an “overweight” rating and set a $14.00 price objective for the company in a research report on Wednesday, February 24th. Finally, Scotiabank cut shares of Braskem from an “outperform” rating to a “sector perform” rating in a research report on Friday, March 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $19.00.

The business has a fifty day moving average price of $19.18. The stock has a market cap of $9.38 billion, a PE ratio of -84.00 and a beta of 1.59.

Braskem (NYSE:BAK) last released its earnings results on Wednesday, May 5th. The company reported $1.15 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.91 by $0.24. The firm had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $4.31 billion. As a group, equities research analysts forecast that Braskem S.A. will post 4.28 earnings per share for the current fiscal year.

Several institutional investors have recently bought and sold shares of BAK. Renaissance Technologies LLC acquired a new position in shares of Braskem during the 4th quarter worth about $2,281,000. Trexquant Investment LP acquired a new position in shares of Braskem during the 4th quarter worth about $222,000. Credit Agricole S A boosted its stake in shares of Braskem by 33.3% during the 4th quarter. Credit Agricole S A now owns 8,000 shares of the company’s stock worth $72,000 after buying an additional 2,000 shares during the last quarter. JPMorgan Chase & Co. acquired a new position in shares of Braskem during the 4th quarter worth about $119,000. Finally, Norges Bank acquired a new position in shares of Braskem during the 4th quarter worth about $1,802,000. Institutional investors own 0.37% of the company’s stock.

Braskem Company Profile (NYSE:BAK)

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 chemicals, including ethylene, polymer and chemical grade propylene, butadiene, 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.

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