Ranpak (NYSE:PACK) Shares Gap Down – What’s Next?

Ranpak Holdings Corp. (NYSE:PACK) gapped down before the market opened 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.

Analysts Set New Price Targets

PACK has been the topic of a number of recent analyst reports. 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 research note on Friday, November 1st. Cantor Fitzgerald began coverage on shares of Ranpak in a research report on Thursday, December 19th. They set an “overweight” rating and a $11.50 price objective on the stock.

Ranpak Trading Up 2.3 %

The company has a market capitalization of $651.43 million, a PE ratio of -32.73 and a beta of 2.40. The stock has a fifty day moving average of $7.08 and a two-hundred day moving average of $6.86. The company has a current ratio of 2.36, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71.

Institutional Investors Weigh In On Ranpak

A number of hedge funds have recently made changes to their positions in PACK. JPMorgan Chase & Co. grew its holdings in shares of Ranpak by 185.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 363,815 shares of the company’s stock valued at $2,376,000 after purchasing an additional 236,398 shares during the last quarter. State Street Corp lifted its stake in shares of Ranpak by 15.2% in the 3rd quarter. State Street Corp now owns 1,133,277 shares of the company’s stock valued at $7,400,000 after acquiring an additional 149,446 shares during the last quarter. Algert Global LLC bought a new position in Ranpak during the 3rd quarter worth approximately $550,000. Barclays PLC increased its stake in Ranpak by 367.0% in the 3rd quarter. Barclays PLC now owns 73,116 shares of the company’s stock worth $478,000 after purchasing an additional 57,461 shares during the period. Finally, Empowered Funds LLC lifted its position in Ranpak by 18.5% in the fourth quarter. Empowered Funds LLC now owns 363,877 shares of the company’s stock valued at $2,503,000 after purchasing an additional 56,908 shares during the last quarter. 85.94% of the stock is currently owned by institutional investors.

Ranpak Company Profile

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.