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

Braskem S.A. (NYSE:BAK) gapped up prior to trading on Tuesday . The stock had previously closed at $4.17, but opened at $4.58. Braskem shares last traded at $4.79, with a volume of 686,240 shares changing hands.

Braskem Stock Performance

The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of -1.35 and a beta of 2.01. The company has a fifty day simple moving average of $4.48 and a 200 day simple moving average of $5.80.

Hedge Funds Weigh In On Braskem

Hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. raised its holdings in shares of Braskem by 876.1% during the third quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company’s stock valued at $40,000 after purchasing an additional 4,871 shares during the period. MQS Management LLC acquired a new position in Braskem during the 3rd quarter valued at about $77,000. Virtu Financial LLC bought a new stake in Braskem during the 3rd quarter worth approximately $88,000. Verition Fund Management LLC purchased a new position in shares of Braskem during the third quarter valued at approximately $123,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Braskem in the 3rd quarter valued at $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.