Braskem (NYSE:BAK) Shares Gap Down – Time to Sell?

Shares of Braskem S.A. (NYSE:BAK) gapped down before the market opened on Thursday . The stock had previously closed at $3.86, but opened at $3.78. Braskem shares last traded at $3.87, with a volume of 166,722 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on BAK shares. UBS Group upgraded shares of Braskem from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $7.70 to $10.00 in a research report on Wednesday, September 18th. JPMorgan Chase & Co. lowered their price target on Braskem from $10.00 to $9.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th.

Braskem Stock Performance

The stock has a market cap of $1.51 billion, a price-to-earnings ratio of -1.06 and a beta of 1.98. The firm’s 50-day moving average is $4.92 and its two-hundred day moving average is $6.01. The company has a current ratio of 1.28, a quick ratio of 0.76 and a debt-to-equity ratio of 23.25.

Hedge Funds Weigh In On Braskem

Several hedge funds and other institutional investors have recently made changes to their positions in BAK. JPMorgan Chase & Co. increased its position in shares of Braskem by 876.1% during the third quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company’s stock worth $40,000 after purchasing an additional 4,871 shares in the last quarter. MQS Management LLC purchased a new stake in shares of Braskem during the third quarter worth $77,000. Virtu Financial LLC acquired a new stake in shares of Braskem in the third quarter valued at about $88,000. Verition Fund Management LLC purchased a new position in shares of Braskem in the third quarter worth about $123,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Braskem in the third quarter worth about $197,000.

Braskem Company Profile

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.