Ranpak (NYSE:PACK) Shares Down 8% – Here’s What Happened

Ranpak Holdings Corp (NYSE:PACK) fell 8% during mid-day trading on Thursday . The company traded as low as $6.48 and last traded at $6.45. 285,393 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 535,954 shares. The stock had previously closed at $7.01.

Wall Street Analysts Forecast Growth

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

Ranpak Stock Down 9.4%

The firm has a 50 day moving average of $6.81 and a 200 day moving average of $5.51. The firm has a market cap of $543.52 million, a price-to-earnings ratio of -14.40 and a beta of 3.11. The company has a quick ratio of 1.32, a current ratio of 1.73 and a debt-to-equity ratio of 0.76.

Ranpak (NYSE:PACK) last issued its quarterly earnings results on Thursday, April 30th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.01). The business had revenue of $101.20 million during the quarter, compared to analyst estimates of $91.59 million. Ranpak had a negative net margin of 9.28% and a negative return on equity of 7.04%. As a group, sell-side analysts predict that Ranpak Holdings Corp will post -0.25 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its stake in Ranpak by 3.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,045,306 shares of the company’s stock valued at $10,871,000 after purchasing an additional 102,942 shares in the last quarter. Schusterman Interests LLC boosted its position in shares of Ranpak by 2,995.5% during the 3rd quarter. Schusterman Interests LLC now owns 3,018,616 shares of the company’s stock worth $16,965,000 after purchasing an additional 2,921,099 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Ranpak by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 2,652,198 shares of the company’s stock valued at $14,905,000 after buying an additional 13,362 shares during the period. Millennium Management LLC increased its position in Ranpak by 32.9% in the 4th quarter. Millennium Management LLC now owns 1,588,253 shares of the company’s stock valued at $8,592,000 after buying an additional 393,344 shares in the last quarter. Finally, Royce & Associates LP increased its position in Ranpak by 185.6% in the 4th quarter. Royce & Associates LP now owns 1,285,000 shares of the company’s stock valued at $6,952,000 after buying an additional 835,000 shares in the last quarter. 85.94% of the stock is owned by 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.