PACK Cash-Secured Put Strategy

PACK (Ranpak Holdings Corp.), in the Consumer Cyclical sector, (Packaging & Containers industry), listed on NYSE.

Ranpak Holdings Corp., together with its subsidiaries, provide product protection 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. The company's products also include line automation products, which help end users automate the void filling and box closure processes after product packing is complete. It sells its products to end users primarily through a distributor network, and directly to select end users. Ranpak Holdings Corp. was founded in 1972 and is headquartered in Concord Township, Ohio.

PACK (Ranpak Holdings Corp.) trades in the Consumer Cyclical sector, specifically Packaging & Containers, with a market capitalization of approximately $538.9M, a beta of 3.06 versus the broader market, a 52-week range of 3.2-6.67, average daily share volume of 622K, a public-listing history dating back to 2018, approximately 800 full-time employees. These structural characteristics shape how PACK stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.06 indicates PACK has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a cash-secured put on PACK?

A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.

Current PACK snapshot

As of May 15, 2026, spot at $5.81, ATM IV 95.20%, IV rank 35.19%, expected move 27.29%. The cash-secured put on PACK below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.

Why this cash-secured put structure on PACK specifically: PACK IV at 95.20% is mid-range versus its 1-year history, so the credit collected on a PACK cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 27.29% (roughly $1.59 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PACK expiries trade a higher absolute premium for lower per-day decay. Position sizing on PACK should anchor to the underlying notional of $5.81 per share and to the trader's directional view on PACK stock.

PACK cash-secured put setup

The PACK cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With PACK near $5.81, the first option leg uses a $5.52 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PACK chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 PACK shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Sell 1Put$5.52N/A

PACK cash-secured put risk and reward

Net Premium / Debit
N/A
Max Profit (per contract)
Unbounded
Max Loss (per contract)
Unbounded
Breakeven(s)
None on modeled curve
Risk / Reward Ratio
N/A

Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.

PACK cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on PACK. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

When traders use cash-secured put on PACK

Cash-secured puts on PACK earn premium while a trader waits to acquire PACK stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning PACK.

PACK thesis for this cash-secured put

The market-implied 1-standard-deviation range for PACK extends from approximately $4.22 on the downside to $7.40 on the upside. A PACK cash-secured put lets a trader earn premium while waiting to acquire PACK at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current PACK IV rank near 35.19% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on PACK should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, PACK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PACK-specific events.

PACK cash-secured put positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. PACK positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PACK alongside the broader basket even when PACK-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on PACK carry tail risk when realized volatility exceeds the implied move; review historical PACK earnings reactions and macro stress periods before sizing. Always rebuild the position from current PACK chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on PACK?
A cash-secured put on PACK is the cash-secured put strategy applied to PACK (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With PACK stock trading near $5.81, the strikes shown on this page are snapped to the nearest listed PACK chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are PACK cash-secured put max profit and max loss calculated?
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the PACK cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 95.20%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PACK cash-secured put?
The breakeven for the PACK cash-secured put priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current PACK market-implied 1-standard-deviation expected move is approximately 27.29%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a cash-secured put on PACK?
Cash-secured puts on PACK earn premium while a trader waits to acquire PACK stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning PACK.
How does current PACK implied volatility affect this cash-secured put?
PACK ATM IV is at 95.20% with IV rank near 35.19%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

Related PACK analysis