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

Braskem S.A. (NYSE:BAK) shares gapped up prior to trading on Tuesday . The stock had previously closed at $4.83, but opened at $5.00. Braskem shares last traded at $4.96, with a volume of 56,063 shares.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. UBS Group upgraded Braskem from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $7.70 to $10.00 in a research report on Wednesday, September 18th. Citigroup upgraded shares of Braskem from a “neutral” rating to a “buy” rating in a report on Tuesday, August 20th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Braskem from $10.00 to $9.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th.

Braskem Price Performance

The firm has a fifty day moving average of $5.87 and a two-hundred day moving average of $6.37. The company has a current ratio of 1.28, a quick ratio of 0.76 and a debt-to-equity ratio of 23.25. The company has a market capitalization of $2.29 billion, a PE ratio of -1.43 and a beta of 1.98.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Virtu Financial LLC bought a new stake in shares of Braskem in the third quarter worth about $88,000. Jane Street Group LLC grew its position in shares of Braskem by 106.8% in the 3rd quarter. Jane Street Group LLC now owns 90,736 shares of the company’s stock worth $666,000 after buying an additional 46,858 shares during the last quarter. State Street Corp increased its stake in shares of Braskem by 2.3% during the third quarter. State Street Corp now owns 228,110 shares of the company’s stock valued at $1,674,000 after buying an additional 5,124 shares during the period. Point72 Asset Management L.P. increased its stake in shares of Braskem by 329.1% during the third quarter. Point72 Asset Management L.P. now owns 176,800 shares of the company’s stock valued at $1,298,000 after buying an additional 135,600 shares during the period. Finally, Verition Fund Management LLC bought a new position in shares of Braskem during the third quarter valued at approximately $123,000.

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.