Ranpak (NYSE:PACK) Shares Down 8.9% – Here’s What Happened

Ranpak Holdings Corp (NYSE:PACK) fell 8.9% during mid-day trading on Wednesday . The stock traded as low as $5.79 and last traded at $5.86. Approximately 143,487 shares traded hands during trading, a decline of 73% from the average daily volume of 541,009 shares. The stock had previously closed at $6.43.

Analysts Set New Price Targets

Several research analysts recently commented on PACK shares. Wall Street Zen upgraded shares of Ranpak from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of Ranpak in a research note on Friday, July 17th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.83.

Ranpak Stock Performance

The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.32 and a current ratio of 1.73. The firm’s 50 day moving average price is $6.84 and its 200-day moving average price is $5.53. The firm has a market capitalization of $448.26 million, a PE ratio of -11.91 and a beta of 3.11.

Ranpak (NYSE:PACK) last issued its quarterly earnings results on Thursday, July 30th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). The business had revenue of $105.20 million for the quarter, compared to analysts’ expectations of $100.94 million. Ranpak had a negative return on equity of 7.04% and a negative net margin of 9.28%. On average, research analysts expect that Ranpak Holdings Corp will post -0.25 EPS for the current year.

Institutional Investors Weigh In On Ranpak

Several large investors have recently bought and sold shares of the company. Schusterman Interests LLC lifted its position in shares of Ranpak by 2,995.5% in the third quarter. Schusterman Interests LLC now owns 3,018,616 shares of the company’s stock valued at $16,965,000 after acquiring an additional 2,921,099 shares in the last quarter. Millennium Management LLC increased its position in shares of Ranpak by 8,737.4% during the third quarter. Millennium Management LLC now owns 1,194,909 shares of the company’s stock worth $6,715,000 after purchasing an additional 1,181,388 shares in the last quarter. Royce & Associates LP increased its position in shares of Ranpak by 185.6% during the fourth quarter. Royce & Associates LP now owns 1,285,000 shares of the company’s stock worth $6,952,000 after purchasing an additional 835,000 shares in the last quarter. CenterBook Partners LP acquired a new position in Ranpak in the 4th quarter valued at $4,309,000. Finally, Samjo Management LLC acquired a new position in Ranpak in the 4th quarter valued at $3,537,000. 85.94% of the stock is currently owned by hedge funds and other institutional investors.

Ranpak Company Profile

Ranpak Holdings Corp. (NYSE: PACK) is a leading provider of sustainable, paper-based packaging solutions designed to protect products during transit. The company’s core business centers on the design, manufacture and distribution of automated systems and consumable paper packaging materials that offer an eco-friendly alternative to plastic-based void-fill and protective packaging. Ranpak’s solutions include crumpled paper fillers, paper wrap systems and tailored automation equipment that serve diverse end markets such as e-commerce, industrial parts, electronics and retail.

Founded in 1972 and headquartered in Concord Township, Ohio, Ranpak has built a global presence by combining innovation in paper converting technology with a commitment to sustainability.