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

Ranpak Holdings Corp. (NYSE:PACK) gapped up before the market opened on Thursday . The stock had previously closed at $7.27, but opened at $7.75. Ranpak shares last traded at $7.29, with a volume of 17,271 shares.

Analysts Set New Price Targets

PACK has been the topic of several recent research reports. Cantor Fitzgerald assumed coverage on shares of Ranpak in a research note on Thursday. They issued an “overweight” rating and a $11.50 price objective on the stock. Robert W. Baird lowered 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 stock has a 50 day moving average of $6.98 and a two-hundred day moving average of $6.75. The stock has a market capitalization of $593.62 million, a PE ratio of -29.71 and a beta of 2.42. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.36 and a quick ratio of 2.01.

Ranpak (NYSE:PACK) last announced its quarterly earnings results on Thursday, October 31st. The company reported ($0.10) earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $90.76 million. During the same quarter in the prior year, the business earned ($0.03) EPS. The business’s revenue for the quarter was up 11.4% compared to the same quarter last year.

Institutional Investors Weigh In On Ranpak

A number of institutional investors and hedge funds have recently modified their holdings of PACK. Dimensional Fund Advisors LP increased its holdings in Ranpak by 34.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,129,802 shares of the company’s stock valued at $13,694,000 after acquiring an additional 542,464 shares in the last quarter. Meros Investment Management LP raised its position in shares of Ranpak by 32.6% during the 2nd quarter. Meros Investment Management LP now owns 943,729 shares of the company’s stock worth $6,068,000 after purchasing an additional 231,779 shares during the last quarter. AQR Capital Management LLC purchased a new stake in Ranpak in the 2nd quarter valued at approximately $1,178,000. State Street Corp grew its holdings in Ranpak by 15.2% during the 3rd quarter. State Street Corp now owns 1,133,277 shares of the company’s stock valued at $7,400,000 after buying an additional 149,446 shares during the last quarter. Finally, Squarepoint Ops LLC increased its position in Ranpak by 146.8% during the second quarter. Squarepoint Ops LLC now owns 226,834 shares of the company’s stock worth $1,459,000 after buying an additional 134,910 shares in the last quarter. Institutional investors and hedge funds 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.