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

Shares of Ranpak Holdings Corp. (NYSE:PACK) gapped down prior to trading on Wednesday . The stock had previously closed at $7.65, but opened at $7.31. Ranpak shares last traded at $7.51, with a volume of 89,724 shares traded.

Analyst Ratings Changes

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

Ranpak Stock Performance

The company has a market cap of $651.43 million, a PE ratio of -32.73 and a beta of 2.40. The company’s 50 day moving average price is $7.08 and its 200-day moving average price is $6.86. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.01 and a current ratio of 2.36.

Institutional Investors Weigh In On Ranpak

Several large investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company boosted its holdings in shares of Ranpak by 8.8% in the second quarter. The Manufacturers Life Insurance Company now owns 18,098 shares of the company’s stock worth $116,000 after acquiring an additional 1,464 shares during the period. SG Americas Securities LLC increased its position in shares of Ranpak by 16.9% during the fourth quarter. SG Americas Securities LLC now owns 19,059 shares of the company’s stock valued at $131,000 after buying an additional 2,758 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Ranpak by 27.6% in the third quarter. BNP Paribas Financial Markets now owns 14,258 shares of the company’s stock worth $93,000 after buying an additional 3,087 shares in the last quarter. Franklin Resources Inc. grew its stake in Ranpak by 15.6% during the third quarter. Franklin Resources Inc. now owns 28,900 shares of the company’s stock valued at $183,000 after acquiring an additional 3,909 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in Ranpak by 13.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 40,510 shares of the company’s stock worth $279,000 after purchasing an additional 4,953 shares in the last quarter. Hedge funds and other institutional investors own 85.94% of the company’s stock.

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.