Braskem (NYSE:BAK) Shares Gap Down After Earnings Miss

Braskem S.A. (NYSE:BAK)’s share price gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $4.08, but opened at $3.80. Braskem shares last traded at $3.85, with a volume of 384,820 shares trading hands.

The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.38) by ($0.01). Braskem had a negative net margin of 9.88% and a negative return on equity of 439.59%.

Hedge Funds Weigh In On Braskem

Institutional investors have recently modified their holdings of the company. Point72 Asset Management L.P. raised its position in shares of Braskem by 329.1% in 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 last quarter. JPMorgan Chase & Co. raised its position in shares of Braskem by 876.1% in the third quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company’s stock valued at $40,000 after buying an additional 4,871 shares during the last quarter. R Squared Ltd acquired a new position in shares of Braskem in the fourth quarter valued at approximately $44,000. Jane Street Group LLC raised its position in shares of Braskem by 106.8% in the third quarter. Jane Street Group LLC now owns 90,736 shares of the company’s stock valued at $666,000 after buying an additional 46,858 shares during the last quarter. Finally, State Street Corp raised its position in shares of Braskem by 2.3% in 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 last quarter.

Braskem Price Performance

The firm’s 50-day moving average is $4.28 and its 200 day moving average is $5.45. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of -1.08 and a beta of 2.03.

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.