Ranpak (NYSE:PACK) Posts Quarterly Earnings Results, Misses Expectations By $0.03 EPS

Ranpak (NYSE:PACK – Get Rating) released 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. The firm had revenue of $79.40 million for the quarter, compared to analysts’ expectations of $88.64 million. Ranpak had a negative net margin of 10.27% and a negative return on equity of 5.86%. The firm’s quarterly revenue was down 27.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.02) EPS. Ranpak updated its FY 2023 guidance to EPS.

Ranpak Stock Performance

PACK stock opened at $5.06 on Friday. 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 firm’s 50 day moving average price is $6.65 and its 200-day moving average price is $5.44. Ranpak has a one year low of $2.90 and a one year high of $23.88.

Analyst Ratings Changes

Separately, Robert W. Baird reduced their price target on shares of Ranpak from $10.00 to $7.00 and set an “outperform” rating on the stock in a research report on Thursday.

Institutional Trading of Ranpak

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its holdings in Ranpak by 35.1% in the 1st quarter. BlackRock Inc. now owns 3,700,697 shares of the company’s stock valued at $75,605,000 after purchasing an additional 962,336 shares during the last quarter. Invesco Ltd. increased its holdings in Ranpak by 21.8% in the 1st quarter. Invesco Ltd. now owns 3,443,229 shares of the company’s stock valued at $70,345,000 after purchasing an additional 617,377 shares during the last quarter. Vanguard Group Inc. increased its holdings in Ranpak by 6.4% in the 1st quarter. Vanguard Group Inc. now owns 3,243,355 shares of the company’s stock valued at $66,262,000 after purchasing an additional 194,082 shares during the last quarter. Amundi increased its holdings in Ranpak by 9.7% in the 4th quarter. Amundi now owns 1,482,394 shares of the company’s stock valued at $9,725,000 after purchasing an additional 131,652 shares during the last quarter. Finally, Two Sigma Advisers LP increased its holdings in Ranpak by 77.7% in the 3rd quarter. Two Sigma Advisers LP now owns 1,135,100 shares of the company’s stock valued at $3,882,000 after purchasing an additional 496,500 shares during the last quarter. Hedge funds and other institutional investors own 92.05% of the company’s stock.

About Ranpak

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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.