Ranpak Holdings Corp. (NYSE:PACK) Short Interest Down 22.9% in November

Ranpak Holdings Corp. (NYSE:PACK) saw a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 963,400 shares, a decline of 22.9% from the October 31st total of 1,250,000 shares. Based on an average daily volume of 273,100 shares, the days-to-cover ratio is presently 3.5 days. Currently, 1.3% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PACK. Baird R W downgraded shares of Ranpak from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 14th. Robert W. Baird dropped their price target on Ranpak from $10.00 to $7.00 and set a “neutral” rating on the stock in a research note on Friday, November 1st.

Hedge Funds Weigh In On Ranpak

Several hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its holdings in shares of Ranpak by 34.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,129,802 shares of the company’s stock worth $13,694,000 after purchasing an additional 542,464 shares during the period. Meros Investment Management LP increased its stake in Ranpak by 32.6% in the 2nd quarter. Meros Investment Management LP now owns 943,729 shares of the company’s stock worth $6,068,000 after acquiring an additional 231,779 shares during the last quarter. AQR Capital Management LLC purchased a new stake in shares of Ranpak in the 2nd quarter valued at about $1,178,000. State Street Corp grew its holdings in shares of Ranpak by 15.2% during the third quarter. State Street Corp now owns 1,133,277 shares of the company’s stock worth $7,400,000 after purchasing an additional 149,446 shares in the last quarter. Finally, Squarepoint Ops LLC increased its position in shares of Ranpak by 146.8% in the second quarter. Squarepoint Ops LLC now owns 226,834 shares of the company’s stock worth $1,459,000 after purchasing an additional 134,910 shares during the last quarter. 85.94% of the stock is currently owned by hedge funds and other institutional investors.

Ranpak Stock Performance

Shares of PACK traded down $0.06 on Friday, reaching $7.79. 143,606 shares of the company’s stock traded hands, compared to its average volume of 305,519. Ranpak has a 52-week low of $3.85 and a 52-week high of $9.04. The stock has a market cap of $648.57 million, a PE ratio of -32.46 and a beta of 2.37. The stock’s 50 day simple moving average is $6.52 and its two-hundred day simple moving average is $6.62. The company has a current ratio of 2.36, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71.

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

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.