Ranpak (NYSE:PACK) Releases Quarterly Earnings Results, Misses Estimates By $0.03 EPS

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

Ranpak Stock Down 6.5 %

Shares of NYSE PACK opened at $5.06 on Friday. The stock has a fifty day simple moving average of $6.65 and a two-hundred day simple moving average of $5.44. Ranpak has a 1-year low of $2.90 and a 1-year high of $23.88. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.54 and a quick ratio of 2.85.

Wall Street Analyst Weigh In

Separately, Robert W. Baird reduced their price objective on Ranpak from $10.00 to $7.00 and set an “outperform” rating for the company in a report on Thursday.

Hedge Funds Weigh In On Ranpak

Several institutional investors and hedge funds have recently bought and sold shares of the company. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new position in shares of Ranpak in the first quarter worth $241,000. Alliancebernstein L.P. boosted its holdings in shares of Ranpak by 26.4% in the fourth quarter. Alliancebernstein L.P. now owns 34,900 shares of the company’s stock worth $201,000 after acquiring an additional 7,300 shares during the period. Norges Bank bought a new position in shares of Ranpak in the fourth quarter worth $180,000. American International Group Inc. boosted its holdings in shares of Ranpak by 8.9% in the second quarter. American International Group Inc. now owns 20,338 shares of the company’s stock worth $142,000 after acquiring an additional 1,665 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its holdings in shares of Ranpak by 115.9% in the second quarter. BNP Paribas Arbitrage SA now owns 18,926 shares of the company’s stock worth $132,000 after acquiring an additional 10,159 shares during the period. 92.05% of the stock is owned by institutional investors.

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.