Geode Capital Management LLC Grows Stock Position in Ranpak Holdings Corp. (NYSE:PACK)

Geode Capital Management LLC increased its stake in Ranpak Holdings Corp. (NYSE:PACK) by 4.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 990,835 shares of the company’s stock after buying an additional 40,049 shares during the quarter. Geode Capital Management LLC’s holdings in Ranpak were worth $6,471,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of PACK. Quarry LP purchased a new position in shares of Ranpak during the third quarter worth approximately $39,000. Quantbot Technologies LP bought a new position in Ranpak in the third quarter worth approximately $42,000. Glenmede Trust Co. NA purchased a new position in Ranpak during the 3rd quarter worth $67,000. Paloma Partners Management Co bought a new stake in Ranpak during the 3rd quarter valued at $68,000. Finally, BNP Paribas Financial Markets grew its position in shares of Ranpak by 27.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 14,258 shares of the company’s stock worth $93,000 after buying an additional 3,087 shares in the last quarter. 85.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PACK has been the topic of several recent research reports. Robert W. Baird dropped their target price on shares of Ranpak from $10.00 to $7.00 and set a “neutral” rating on the stock in a report on Friday, November 1st. Cantor Fitzgerald initiated coverage on shares of Ranpak in a report on Thursday, December 19th. They set an “overweight” rating and a $11.50 price objective on the stock.

Ranpak Stock Performance

PACK opened at $6.94 on Friday. The company has a quick ratio of 2.01, a current ratio of 2.36 and a debt-to-equity ratio of 0.71. Ranpak Holdings Corp. has a 52-week low of $3.85 and a 52-week high of $9.04. The company has a market cap of $577.80 million, a P/E ratio of -28.92 and a beta of 2.42. The firm’s 50-day moving average price is $7.16 and its 200-day moving average price is $6.83.

Ranpak (NYSE:PACK) last posted its quarterly earnings results on Thursday, October 31st. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.06). The firm had revenue of $92.20 million for the quarter, compared to analysts’ expectations of $90.76 million. Ranpak had a negative net margin of 5.64% and a negative return on equity of 3.54%. The firm’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.03) EPS.

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.