Meros Investment Management LP Raises Stake in Ranpak Holdings Corp. (NYSE:PACK)
Meros Investment Management LP increased its stake in Ranpak Holdings Corp. (NYSE:PACK) by 32.6% in Q2, now owning 943,729 shares. This investment represents 2.9% of Meros's total holdings. Other institutional investors also adjusted their positions in Ranpak. The stock opened at $2.41, with a market cap of $244 million and a P/E ratio of -22.89. Ranpak reported a revenue of $30.40 million for the quarter, surpassing estimates, despite a negative net margin of 4.41%. Analysts have mixed ratings on the stock, with target prices varying significantly.
Meros Investment Management LP raised its position in Ranpak Holdings Corp. (NYSE:PACK - Free Report) by 32.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 943,729 shares of the company's stock after acquiring an additional 231,779 shares during the quarter. Ranpak makes up about 2.9% of Meros Investment Management LP's holdings, making the stock its 15th biggest holding. Meros Investment Management LP owned about 1.14% of Ranpak worth $6,068,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Innealta Capital LLC purchased a new stake in shares of Ranpak during the 2nd quarter worth approximately $31,000. Legato Capital Management LLC purchased a new stake in shares of Ranpak during the 2nd quarter worth approximately $91,000. The Manufacturers Life Insurance Company lifted its position in shares of Ranpak by 8.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,098 shares of the company's stock worth $116,000 after buying an additional 1,464 shares during the last quarter. Gabelli Funds LLC purchased a new stake in shares of Ranpak during the 2nd quarter worth approximately $129,000. Finally, Caxton Associates LP purchased a new stake in shares of Ranpak during the 2nd quarter worth approximately $158,000. Hedge funds and other institutional investors own 85.94% of the company's stock.
Ranpak Stock Performance
Shares of Ranpak stock opened at $6.41 on Friday. The firm's fifty day simple moving average is $6.95 and its 200-day simple moving average is $6.86. The stock has a market capitalization of $533.44 million, a price-to-earnings ratio of -22.89 and a beta of 2.37. Ranpak Holdings Corp. has a 12 month low of $2.63 and a 12 month high of $9.04. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.52 and a quick ratio of 2.07.
Ranpak (NYSE:PACK - Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.13. The company had revenue of $86.40 million for the quarter, compared to analysts' expectations of $87.67 million. Ranpak had a negative net margin of 4.41% and a negative return on equity of 2.67%. Ranpak's revenue was up 5.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.03) EPS.
Analysts Set New Price Targets
A number of equities analysts have recently commented on the stock. Craig Hallum reaffirmed a "buy" rating and issued a $10.00 target price on shares of Ranpak in a report on Thursday, June 20th. Baird R W cut shares of Ranpak from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 14th. Finally, Robert W. Baird cut shares of Ranpak from an "outperform" rating to a "neutral" rating and set a $10.00 target price on the stock. in a report on Wednesday, August 14th.
Check Out Our Latest Stock Report on PACK
About Ranpak
(Free Report)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.
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