Ranpak (NYSE:PACK) Shares Gap Up – Still a Buy?

Ranpak Holdings Corp. (NYSE:PACK) shares gapped up before the market opened 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 traded.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Cantor Fitzgerald began coverage on shares of Ranpak in a report on Thursday. They issued an “overweight” rating and a $11.50 price objective for the company. Robert W. Baird decreased their target price on Ranpak from $10.00 to $7.00 and set a “neutral” rating for the company in a research report on Friday, November 1st.

Ranpak Price Performance

The company has a market cap of $588.63 million, a PE ratio of -29.46 and a beta of 2.42. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.36 and a quick ratio of 2.01. The company has a 50-day moving average price of $6.94 and a two-hundred day moving average price of $6.74.

Ranpak (NYSE:PACK) last announced its quarterly earnings results on Thursday, October 31st. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.06). The company had revenue of $92.20 million during the quarter, compared to the consensus estimate 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 for the quarter was up 11.4% on a year-over-year basis. During the same period last year, the business posted ($0.03) EPS.

Institutional Trading of Ranpak

Hedge funds have recently bought and sold shares of the company. The Manufacturers Life Insurance Company raised its holdings in shares of Ranpak by 8.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,098 shares of the company’s stock valued at $116,000 after purchasing an additional 1,464 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Ranpak by 27.6% during the third quarter. BNP Paribas Financial Markets now owns 14,258 shares of the company’s stock worth $93,000 after buying an additional 3,087 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Ranpak by 15.6% during the third quarter. Franklin Resources Inc. now owns 28,900 shares of the company’s stock valued at $183,000 after purchasing an additional 3,909 shares in the last quarter. Innealta Capital LLC bought a new stake in Ranpak during the second quarter worth about $31,000. Finally, GSA Capital Partners LLP lifted its position in Ranpak by 1.8% during the 3rd quarter. GSA Capital Partners LLP now owns 289,721 shares of the company’s stock worth $1,892,000 after buying an additional 5,254 shares in the last quarter. 85.94% of the stock is owned by hedge funds and other institutional investors.

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.