Ranpak (NYSE:PACK) Shares Gap Up - What's Next?

Shares of Ranpak Holdings Corp. (NYSE:PACK - Get Free Report) gapped up prior to trading 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 trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on PACK shares. Robert W. Baird dropped their target price on Ranpak from $10.00 to $7.00 and set a "neutral" rating on the stock in a report on Friday, November 1st. Cantor Fitzgerald started 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.

Ranpak Price Performance

The company has a market cap of $594.45 million, a price-to-earnings ratio of -29.75 and a beta of 2.42. The company has a 50-day simple moving average of $6.96 and a 200-day simple moving average of $6.74. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.01 and a current ratio of 2.36.

Ranpak (NYSE:PACK - Get Free Report) last announced its quarterly earnings data 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). The business had revenue of $92.20 million for the quarter, compared to analyst estimates of $90.76 million. Ranpak had a negative return on equity of 3.54% and a negative net margin of 5.64%. The company's revenue was up 11.4% on a year-over-year basis. During the same period in the prior year, the company earned ($0.03) EPS.

Institutional Investors Weigh In On Ranpak

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its position in 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 acquiring an additional 542,464 shares during the last quarter. State Street Corp raised its position in shares of Ranpak by 15.2% during the 3rd 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 during the last quarter. Geode Capital Management LLC lifted its stake in Ranpak by 4.2% in the 3rd quarter. Geode Capital Management LLC now owns 990,835 shares of the company's stock valued at $6,471,000 after buying an additional 40,049 shares in the last quarter. Meros Investment Management LP grew its holdings in Ranpak by 32.6% during the 2nd quarter. Meros Investment Management LP now owns 943,729 shares of the company's stock valued at $6,068,000 after buying an additional 231,779 shares during the last quarter. Finally, Driehaus Capital Management LLC raised its holdings in shares of Ranpak by 2.8% in the second quarter. Driehaus Capital Management LLC now owns 804,454 shares of the company's stock worth $5,173,000 after acquiring an additional 21,574 shares during the last quarter. 85.94% of the stock is currently owned by institutional investors and hedge funds.

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.