Keep in mind that PKG did "triple" in price from 2012-2015 in a very steady manner. So now it is shaking out those investors who fell asleep at the wheel paying 2 times sales for a boring cardboard box maker at the peak of its move.
Now that it has fallen almost in half, it is trading at 75 cents on the dollar of sales and is nicely cash flow positive and in a boring, yet stable to growing business. 2 times sales is so ridiculously expensive - but 75% of sales is so ridiculously cheap.
I placed a technical target back up at the consolidation price around $62 per share. I put the stop down around $38. The last sale is $46.39 last at 11:10AM EST.
Clearly this is a longer term trade setup.