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

Ranpak Holdings Corp. (NYSE:PACK) shares 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.

Analyst Upgrades and Downgrades

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

Ranpak Stock 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 quick ratio of 2.01 and a current ratio of 2.36. The business’s 50-day moving average is $6.94 and its 200 day moving average is $6.74.

Ranpak (NYSE:PACK) last issued its earnings results 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). Ranpak had a negative return on equity of 3.54% and a negative net margin of 5.64%. The business had revenue of $92.20 million during the quarter, compared to analysts’ expectations of $90.76 million. During the same period last year, the firm posted ($0.03) EPS. Ranpak’s quarterly revenue was up 11.4% compared to the same quarter last year.

Hedge Funds Weigh In On Ranpak

A number of hedge funds have recently added to or reduced their stakes in the stock. Innealta Capital LLC purchased a new stake in shares of Ranpak during the 2nd quarter worth about $31,000. Quarry LP acquired a new stake in shares of Ranpak in the third quarter valued at approximately $39,000. Quantbot Technologies LP purchased a new stake in shares of Ranpak during the third quarter worth approximately $42,000. Glenmede Trust Co. NA acquired a new position in Ranpak during the third quarter worth about $67,000. Finally, Paloma Partners Management Co purchased a new stake in Ranpak in the 3rd quarter valued at approximately $68,000. 85.94% of the stock is currently owned by institutional investors.

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.