Ranpak (NYSE:PACK) Shares Down 7% – Here’s What Happened

Shares of Ranpak Holdings Corp. (NYSE:PACK) dropped 7% during mid-day trading on Friday . The company traded as low as $6.20 and last traded at $6.13. Approximately 28,009 shares traded hands during trading, a decline of 96% from the average daily volume of 735,604 shares. The stock had previously closed at $6.59.

Wall Street Analyst Weigh In

Separately, Cantor Fitzgerald initiated coverage on shares of Ranpak in a research report on Thursday, December 19th. They set an “overweight” rating and a $11.50 target price on the stock.

Ranpak Price Performance

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 stock’s 50 day simple moving average is $6.89 and its two-hundred day simple moving average is $6.82. The stock has a market cap of $518.44 million, a price-to-earnings ratio of -25.95 and a beta of 2.59.

Institutional Investors Weigh In On Ranpak

A number of institutional investors have recently bought and sold shares of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Ranpak by 9.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 82,534 shares of the company’s stock worth $568,000 after buying an additional 7,380 shares in the last quarter. ProShare Advisors LLC acquired a new stake in shares of Ranpak in the 4th quarter valued at $83,000. Meros Investment Management LP boosted its stake in shares of Ranpak by 1.8% in the 4th quarter. Meros Investment Management LP now owns 956,225 shares of the company’s stock valued at $6,579,000 after purchasing an additional 16,834 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Ranpak by 58.6% in the 4th quarter. Millennium Management LLC now owns 185,203 shares of the company’s stock valued at $1,274,000 after purchasing an additional 68,451 shares in the last quarter. Finally, Graham Capital Management L.P. boosted its stake in shares of Ranpak by 42.1% in the 4th quarter. Graham Capital Management L.P. now owns 17,398 shares of the company’s stock valued at $120,000 after purchasing an additional 5,155 shares in the last quarter. Institutional investors and hedge funds own 85.94% of the company’s stock.

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.