Ranpak (NYSE:PACK) Reaches New 52-Week High – Here’s Why

Ranpak Holdings Corp (NYSE:PACK)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $7.16 and last traded at $6.9610, with a volume of 42414 shares. The stock had previously closed at $6.83.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PACK. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Ranpak in a research note on Friday, March 6th. Craig Hallum dropped their price target on shares of Ranpak from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Friday, March 6th. Wall Street Zen raised shares of Ranpak from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ranpak in a research note on Tuesday, April 21st. Finally, UBS Group reaffirmed an “overweight” rating on shares of Ranpak in a research note on Friday, March 6th. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $6.83.

Ranpak Price Performance

The company’s 50-day moving average price is $5.16 and its two-hundred day moving average price is $5.12. The company has a market cap of $590.23 million, a P/E ratio of -15.68 and a beta of 3.14. The company has a current ratio of 1.73, a quick ratio of 1.32 and a debt-to-equity ratio of 0.76.

Ranpak (NYSE:PACK) last released its earnings results on Thursday, April 30th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.01). The company had revenue of $101.20 million during the quarter, compared to the consensus estimate of $91.59 million. Ranpak had a negative return on equity of 7.04% and a negative net margin of 9.28%. As a group, sell-side analysts expect that Ranpak Holdings Corp will post -0.25 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PACK. Schusterman Interests LLC boosted its holdings in shares of Ranpak by 2,995.5% in the 3rd quarter. Schusterman Interests LLC now owns 3,018,616 shares of the company’s stock valued at $16,965,000 after buying an additional 2,921,099 shares during the period. Millennium Management LLC boosted its holdings in shares of Ranpak by 8,737.4% in the 3rd quarter. Millennium Management LLC now owns 1,194,909 shares of the company’s stock valued at $6,715,000 after buying an additional 1,181,388 shares during the period. Royce & Associates LP boosted its holdings in shares of Ranpak by 185.6% in the 4th quarter. Royce & Associates LP now owns 1,285,000 shares of the company’s stock valued at $6,952,000 after buying an additional 835,000 shares during the period. CenterBook Partners LP acquired a new position in shares of Ranpak in the 4th quarter valued at about $4,309,000. Finally, Samjo Management LLC acquired a new position in shares of Ranpak in the 4th quarter valued at about $3,537,000. 85.94% of the stock is owned by institutional investors and hedge funds.

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.