Short Interest in Ranpak Holdings Corp. (NYSE:PACK) Drops By 22.9%

Ranpak Holdings Corp. (NYSE:PACK) was the recipient of a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 963,400 shares, a decline of 22.9% from the October 31st total of 1,250,000 shares. Currently, 1.3% of the shares of the company are sold short. Based on an average daily volume of 273,100 shares, the short-interest ratio is currently 3.5 days.

Analyst Upgrades and Downgrades

PACK has been the topic of a number of recent analyst reports. Baird R W cut Ranpak from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 14th. Robert W. Baird dropped their target price on Ranpak from $10.00 to $7.00 and set a “neutral” rating on the stock in a report on Friday, November 1st.

Ranpak Price Performance

NYSE:PACK opened at $7.85 on Friday. Ranpak has a 52-week low of $3.85 and a 52-week high of $9.04. The company has a quick ratio of 2.01, a current ratio of 2.36 and a debt-to-equity ratio of 0.71. The business’s 50-day moving average price is $6.46 and its 200 day moving average price is $6.60.

Ranpak (NYSE:PACK) last released its earnings results on Thursday, October 31st. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.06). The business 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 firm’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.03) earnings per share.

Institutional Investors Weigh In On Ranpak

Several large investors have recently modified their holdings of PACK. Vanguard Group Inc. lifted its holdings in shares of Ranpak by 1.1% during the first quarter. Vanguard Group Inc. now owns 2,333,187 shares of the company’s stock valued at $18,362,000 after purchasing an additional 25,073 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Ranpak by 34.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,129,802 shares of the company’s stock worth $13,694,000 after buying an additional 542,464 shares during the period. State Street Corp lifted its stake in Ranpak by 15.2% during the third quarter. State Street Corp now owns 1,133,277 shares of the company’s stock valued at $7,400,000 after buying an additional 149,446 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Ranpak by 4.2% in the third quarter. Geode Capital Management LLC now owns 990,835 shares of the company’s stock worth $6,471,000 after buying an additional 40,049 shares during the period. Finally, Meros Investment Management LP increased its position in shares of Ranpak by 32.6% in the second quarter. Meros Investment Management LP now owns 943,729 shares of the company’s stock worth $6,068,000 after acquiring an additional 231,779 shares in the last quarter. 85.94% of the stock is owned by 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.