Why Ranpak Holdings Stock Dropped 23% on Thursday
Ranpak (NYSE: PACK) shareholders saw red on Thursday as the stock dove, trading 23% lower as of 1 p.m. ET compared to a modest increase in the S&P 500. That slump added to big short-term declines for the packaging supplies and equipment specialist. Its shares are down by more than 80% so far in 2022.
This latest plunge was sparked by a series of cautious comments from management about the company's growth outlook.
Ranpak announced its second-quarter results before the market opened, and the update wasn't what investors were hoping to see. While the company returned to sales growth on a constant-currency basis, its net revenue fell and its expenses soared.
Source Fool.com
