Ranpak Holdings Corp. (PACK) Stock is Benefiting From E-commerce Growth
Tourlite Capital Management, an investment management company, released its fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, Tourlite Fund Founder Class returned 3.4% compared to a 7.6% return for the S&P 500 Index. Since its inception in April 2022, the fund returned 5.0% compared to a -14.2% decline for the S&P 500 Index. The fundamental long/short portfolio of the fund performed well in 2022. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Tourlite Capital Management highlighted stocks like Ranpak Holdings Corp. (NYSE:PACK) in the Q4 2022 investor letter. Headquartered in Concord Township, Ohio, Ranpak Holdings Corp. (NYSE:PACK) offers product protection services. On January 23, 2023, Ranpak Holdings Corp. (NYSE:PACK) stock closed at $6.83 per share. One-month return of Ranpak Holdings Corp. (NYSE:PACK) was 26.01%, and its shares lost 74.38% of their value over the last 52 weeks. Ranpak Holdings Corp. (NYSE:PACK) has a market capitalization of $560.109 million.
Tourlite Capital Management made the following comment about Ranpak Holdings Corp. (NYSE:PACK) in its Q4 2022 investor letter:
"From our fund’s inception in April 2022 to the end of July, we were short Ranpak Holdings Corp. (NYSE:PACK). We no longer have a position. The position was one of our greatest contributors to performance during 2022. In our Second Quarter letter we highlighted this “Industrial Short” as “an industrial packaging business that has experienced significant tailwinds from growth of e-commerce.” We would like to highlight Ranpak as an example of a prior short position.
Ranpak is a 2019 vintage SPAC that manufactures machines and paper products and sells them though a razor/razor blade model. Think of the paper filler in your Amazon packages. Ranpak would provide customers its machines for free or a small cost and sell those customers its paper products. In April 2022, the Company had an ~$1.6 billion market capitalization..." (Click here to read the full text)
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Ranpak Holdings Corp. (NYSE:PACK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Ranpak Holdings Corp. (NYSE:PACK) at the end of the third quarter which was 10 in the previous quarter.
We discussed Ranpak Holdings Corp. (NYSE:PACK) in another article and shared Meridian Funds’ views on the company. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
