Ranpak (NYSE:PACK) Trading 2.3% Higher – Here’s Why

Ranpak Holdings Corp (NYSE:PACK)’s share price shot up 2.3% during mid-day trading on Monday . The stock traded as high as $5.77 and last traded at $5.6580. 282,248 shares were traded during mid-day trading, a decline of 1% from the average session volume of 284,432 shares. The stock had previously closed at $5.53.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PACK. Weiss Ratings reissued a “sell (d-)” rating on shares of Ranpak in a report on Wednesday, October 8th. Robert W. Baird set a $6.00 target price on shares of Ranpak in a research note on Friday, October 31st. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $7.50.

Ranpak Price Performance

The stock has a market cap of $477.42 million, a P/E ratio of -12.86 and a beta of 2.76. The company has a current ratio of 1.88, a quick ratio of 1.42 and a debt-to-equity ratio of 0.74. The company’s fifty day simple moving average is $5.21 and its 200-day simple moving average is $4.78.

Ranpak (NYSE:PACK) last released its quarterly earnings data on Thursday, October 30th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.09). The business had revenue of $99.60 million for the quarter, compared to the consensus estimate of $99.94 million. Ranpak had a negative return on equity of 6.79% and a negative net margin of 9.48%. As a group, sell-side analysts forecast that Ranpak Holdings Corp will post -0.2 EPS for the current year.

Hedge Funds Weigh In On Ranpak

Hedge funds and other institutional investors have recently modified their holdings of the stock. Farther Finance Advisors LLC bought a new stake in Ranpak in the second quarter valued at $28,000. Engineers Gate Manager LP acquired a new stake in shares of Ranpak in the 2nd quarter valued at $49,000. Gamco Investors INC. ET AL grew its holdings in shares of Ranpak by 27.9% in the 2nd quarter. Gamco Investors INC. ET AL now owns 14,000 shares of the company’s stock worth $50,000 after purchasing an additional 3,050 shares during the last quarter. Ballast Inc. acquired a new stake in shares of Ranpak during the 3rd quarter worth about $56,000. Finally, Quantbot Technologies LP bought a new position in Ranpak during the 3rd quarter valued at about $58,000. Institutional investors own 85.94% of the company’s stock.

Ranpak Company Profile

Ranpak Holdings Corp. (NYSE: PACK) is a leading provider of sustainable, paper-based packaging solutions designed to protect products during transit. The company’s core business centers on the design, manufacture and distribution of automated systems and consumable paper packaging materials that offer an eco-friendly alternative to plastic-based void-fill and protective packaging. Ranpak’s solutions include crumpled paper fillers, paper wrap systems and tailored automation equipment that serve diverse end markets such as e-commerce, industrial parts, electronics and retail.

Founded in 1972 and headquartered in Concord Township, Ohio, Ranpak has built a global presence by combining innovation in paper converting technology with a commitment to sustainability.