Pactiv Evergreen Inc. (NASDAQ:PTVE) Sees Large Decline in Short Interest

Pactiv Evergreen Inc. (NASDAQ:PTVE) was the recipient of a significant decline in short interest during the month of February. As of February 28th, there was short interest totalling 1,250,000 shares, a decline of 21.4% from the February 13th total of 1,590,000 shares. Currently, 3.2% of the company’s stock are short sold. Based on an average daily volume of 1,190,000 shares, the days-to-cover ratio is currently 1.1 days.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PTVE shares. UBS Group cut Pactiv Evergreen from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $16.00 to $18.00 in a research note on Friday, January 10th. Jefferies Financial Group restated a “hold” rating and issued a $18.00 price target (up previously from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Royal Bank of Canada restated a “sector perform” rating and issued a $18.00 price target (up previously from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Five investment analysts have rated the stock with a hold rating, According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $16.80.

Pactiv Evergreen Stock Performance

Shares of PTVE traded up $0.01 during trading hours on Wednesday, hitting $17.91. The stock had a trading volume of 71,390 shares, compared to its average volume of 557,566. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.93 and a quick ratio of 1.04. Pactiv Evergreen has a 12 month low of $8.83 and a 12 month high of $17.92. The firm has a market capitalization of $3.23 billion, a PE ratio of -19.46, a PEG ratio of 1.47 and a beta of 1.24. The stock has a fifty day moving average price of $17.76 and a 200 day moving average price of $14.89.

Institutional Trading of Pactiv Evergreen

Several large investors have recently modified their holdings of PTVE. Assenagon Asset Management S.A. grew its holdings in Pactiv Evergreen by 111.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 145,240 shares of the company’s stock valued at $2,537,000 after purchasing an additional 76,440 shares during the period. Victory Capital Management Inc. bought a new stake in Pactiv Evergreen during the third quarter valued at about $2,074,000. SG Americas Securities LLC bought a new stake in Pactiv Evergreen during the fourth quarter valued at about $270,000. A&I Financial Services LLC bought a new stake in Pactiv Evergreen during the fourth quarter valued at about $744,000. Finally, Alberta Investment Management Corp bought a new stake in Pactiv Evergreen during the fourth quarter valued at about $9,958,000. Institutional investors own 22.23% of the company’s stock.

About Pactiv Evergreen

Pactiv Evergreen Inc manufactures and distributes fresh foodservice and food merchandising products, and fresh beverage cartons in the United States, rest of North America, and internationally. It operates in two segments, Foodservice, and Food and Beverage Merchandising. The Foodservice segment offers food containers; drinkware, such as hot and cold cups and lids; and tableware, service ware, and other products.