Ranpak (NYSE:PACK) Trading Down 7% – Here’s What Happened

Ranpak Holdings Corp. (NYSE:PACK) was down 7% during trading on Tuesday . The company traded as low as $6.40 and last traded at $6.40. Approximately 99,823 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 165,456 shares. The stock had previously closed at $6.88.

Analysts Set New Price Targets

PACK has been the subject of a number of recent analyst reports. Cantor Fitzgerald initiated coverage on Ranpak in a research note on Thursday, December 19th. They issued an “overweight” rating and a $11.50 price target for the company. Robert W. Baird cut their target price on shares of Ranpak from $10.00 to $7.00 and set a “neutral” rating on the stock in a report on Friday, November 1st.

Ranpak Stock Performance

The company has a debt-to-equity ratio of 0.71, a current ratio of 2.36 and a quick ratio of 2.01. The company has a market cap of $542.84 million, a price-to-earnings ratio of -27.17 and a beta of 2.41. The stock has a 50-day moving average price of $7.21 and a 200 day moving average price of $6.85.

Ranpak (NYSE:PACK) last announced its earnings results on Thursday, October 31st. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.06). Ranpak had a negative return on equity of 3.54% and a negative net margin of 5.64%. The company had revenue of $92.20 million for the quarter, compared to analyst estimates of $90.76 million. During the same quarter last year, the business posted ($0.03) earnings per share. The business’s quarterly revenue was up 11.4% on a year-over-year basis.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Quarry LP acquired a new stake in Ranpak in the 3rd quarter valued at $39,000. Quantbot Technologies LP acquired a new position in Ranpak during the third quarter valued at approximately $42,000. Glenmede Trust Co. NA acquired a new position in Ranpak during the third quarter worth $67,000. Paloma Partners Management Co bought a new stake in Ranpak during the third quarter worth $68,000. Finally, BNP Paribas Financial Markets raised its position in Ranpak by 27.6% during the third quarter. BNP Paribas Financial Markets now owns 14,258 shares of the company’s stock worth $93,000 after acquiring an additional 3,087 shares in the last quarter. 85.94% of the stock is owned by institutional investors and hedge funds.

About Ranpak

Ranpak Holdings Corp., together with its subsidiaries, provides product protection solutions and end-of-line automation solutions for e-commerce and industrial supply chains in North America, Europe, and Asia. The company offers protective packaging solutions, such as void-fill protective systems that convert paper to fill empty spaces in secondary packages and protect objects under the FillPak brand; cushioning protective systems, which convert paper into cushioning pads under the PadPak brand; and wrapping protective systems that create pads or paper mesh to wrap and protect fragile items, as well as to line boxes and provide separation when shipping various objects under the WrapPak, Geami, and ReadyRoll brands, as well as cold chain products, which are used to provide insulation for goods.