Braskem (NYSE:BAK) Shares Gap Up – Time to Buy?

Braskem S.A. (NYSE:BAK) gapped up before the market opened 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 trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. UBS Group raised shares of Braskem from a “neutral” rating to a “buy” rating and increased their price target for the stock from $7.70 to $10.00 in a research note on Wednesday, September 18th. Citigroup raised Braskem from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 20th. Finally, JPMorgan Chase & Co. dropped 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 Price Performance

The firm has a market cap of $2.29 billion, a P/E ratio of -1.43 and a beta of 1.98. The company has a debt-to-equity ratio of 23.25, a current ratio of 1.28 and a quick ratio of 0.76. The firm’s 50 day moving average is $5.87 and its 200 day moving average is $6.37.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. MQS Management LLC purchased a new stake in shares of Braskem during the third quarter valued at approximately $77,000. Virtu Financial LLC purchased a new position in shares of Braskem in the third quarter worth $88,000. Verition Fund Management LLC purchased a new stake in shares of Braskem during the third quarter valued at $123,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Braskem during the third quarter valued at $197,000. Finally, Point72 Asset Management L.P. raised its position in Braskem by 60.9% in the 2nd quarter. Point72 Asset Management L.P. now owns 41,200 shares of the company’s stock worth $266,000 after buying an additional 15,600 shares during the last quarter.

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.