Ranpak (NYSE:PACK) Issues Earnings Results

Ranpak (NYSE:PACK – Get Rating) announced its quarterly earnings results on Wednesday. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.03), Yahoo Finance reports. Ranpak had a negative net margin of 10.27% and a negative return on equity of 5.86%. The company had revenue of $79.40 million for the quarter, compared to analyst estimates of $88.64 million. During the same quarter last year, the business earned ($0.02) EPS. The company’s revenue for the quarter was down 27.4% on a year-over-year basis. Ranpak updated its FY 2023 guidance to EPS.

Ranpak Stock Performance

PACK opened at $5.41 on Thursday. The company has a quick ratio of 2.85, a current ratio of 3.54 and a debt-to-equity ratio of 0.62. The stock’s 50 day moving average price is $6.67 and its two-hundred day moving average price is $5.44. The firm has a market capitalization of $443.67 million, a P/E ratio of -12.02 and a beta of 1.60. Ranpak has a 12-month low of $2.90 and a 12-month high of $23.88.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird cut their target price on shares of Ranpak from $10.00 to $7.00 in a research report on Thursday.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PACK. Bank of New York Mellon Corp increased its position in Ranpak by 2.5% during the first quarter. Bank of New York Mellon Corp now owns 310,962 shares of the company’s stock worth $6,353,000 after acquiring an additional 7,724 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of Ranpak by 78.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 22,875 shares of the company’s stock worth $466,000 after purchasing an additional 10,027 shares during the period. MetLife Investment Management LLC raised its position in shares of Ranpak by 53.8% during the first quarter. MetLife Investment Management LLC now owns 19,863 shares of the company’s stock valued at $406,000 after buying an additional 6,949 shares during the last quarter. BlackRock Inc. raised its position in shares of Ranpak by 35.1% during the first quarter. BlackRock Inc. now owns 3,700,697 shares of the company’s stock valued at $75,605,000 after buying an additional 962,336 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Ranpak by 19.6% in the first quarter. Dimensional Fund Advisors LP now owns 574,474 shares of the company’s stock valued at $11,737,000 after buying an additional 94,305 shares during the period. 92.05% of the stock is currently owned by institutional investors and hedge funds.

About Ranpak

(Get Rating)

Ranpak Holdings Corp. engages in the provision of product protection solutions for e-commerce and industrial supply chains in North America, Europe, and Asia. It also offers protective packaging solutions, such as Void-Fill protective systems that convert paper to fill empty spaces in secondary packages, Cushioning protective systems, which convert paper into cushioning pads, 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, Cold Chain, Box Lining, and Retail.