Ranpak (NYSE:PACK) Stock Price Down 7% - Here's What Happened

Ranpak Holdings Corp. (NYSE:PACK - Get Free Report) fell 7% on Tuesday . The company traded as low as $6.40 and last traded at $6.40. 99,823 shares were traded during trading, a decline of 40% from the average session volume of 165,456 shares. The stock had previously closed at $6.88.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PACK. Cantor Fitzgerald initiated coverage on Ranpak in a research note on Thursday, December 19th. They issued an "overweight" rating and a $11.50 target price on the stock. Robert W. Baird lowered their price objective on Ranpak from $10.00 to $7.00 and set a "neutral" rating on the stock in a research report on Friday, November 1st.

Ranpak Price Performance

The company has a current ratio of 2.36, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71. The stock has a 50-day moving average price of $7.20 and a 200 day moving average price of $6.85. The stock has a market capitalization of $544.50 million, a price-to-earnings ratio of -27.25 and a beta of 2.41.

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

Hedge Funds Weigh In On Ranpak

A number of large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp lifted its position in shares of Ranpak by 7.8% in the second quarter. Bank of New York Mellon Corp now owns 157,380 shares of the company's stock valued at $1,012,000 after acquiring an additional 11,409 shares in the last quarter. Los Angeles Capital Management LLC lifted its holdings in Ranpak by 177.4% in the 2nd quarter. Los Angeles Capital Management LLC now owns 127,512 shares of the company's stock valued at $820,000 after purchasing an additional 81,552 shares in the last quarter. American Century Companies Inc. boosted its stake in Ranpak by 56.2% during the 2nd quarter. American Century Companies Inc. now owns 52,033 shares of the company's stock worth $335,000 after purchasing an additional 18,731 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Ranpak by 34.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,129,802 shares of the company's stock worth $13,694,000 after buying an additional 542,464 shares in the last quarter. Finally, Gabelli Funds LLC purchased a new stake in shares of Ranpak during the second quarter worth $129,000. 85.94% of the stock is currently owned by institutional investors and hedge funds.

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.