Ranpak (NYSE:PACK) Shares Gap Down Following Weak Earnings

Ranpak Holdings Corp. (NYSE:PACK)’s stock price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $7.33, but opened at $6.91. Ranpak shares last traded at $6.43, with a volume of 132,746 shares changing hands.

The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.04). Ranpak had a negative net margin of 6.70% and a negative return on equity of 3.93%. The company had revenue of $85.30 million for the quarter, compared to analysts’ expectations of $85.50 million. The company’s quarterly revenue was up 5.0% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PACK shares. Robert W. Baird lifted their price target on Ranpak from $7.00 to $8.00 and gave the company an “outperform” rating in a research report on Friday. Craig Hallum raised their price objective on Ranpak from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Monday, April 1st.

Hedge Funds Weigh In On Ranpak

A number of institutional investors and hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC bought a new stake in Ranpak in the third quarter worth $107,000. Roubaix Capital LLC raised its position in shares of Ranpak by 1.0% in the 3rd quarter. Roubaix Capital LLC now owns 423,662 shares of the company’s stock worth $2,305,000 after purchasing an additional 4,043 shares during the last quarter. Simplex Trading LLC boosted its stake in Ranpak by 827.6% in the 3rd quarter. Simplex Trading LLC now owns 11,827 shares of the company’s stock worth $64,000 after purchasing an additional 10,552 shares in the last quarter. Group One Trading L.P. purchased a new stake in Ranpak during the 3rd quarter valued at about $54,000. Finally, Westfield Capital Management Co. LP increased its stake in Ranpak by 10.0% during the 3rd quarter. Westfield Capital Management Co. LP now owns 442,450 shares of the company’s stock valued at $2,407,000 after purchasing an additional 40,250 shares in the last quarter. Institutional investors own 85.94% of the company’s stock.

Ranpak Price Performance

The firm’s fifty day simple moving average is $6.75 and its 200-day simple moving average is $5.20. The company has a quick ratio of 2.24, a current ratio of 2.60 and a debt-to-equity ratio of 0.70.

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.