Pactiv Evergreen (NASDAQ:PTVE) Sets New 1-Year High – Here’s Why

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $17.94 and last traded at $17.94, with a volume of 1063092 shares changing hands. The stock had previously closed at $17.91.

Analysts Set New Price Targets

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

Pactiv Evergreen Stock Up 0.1 %

The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26. The company has a 50 day simple moving average of $17.80 and a two-hundred day simple moving average of $15.11. The company has a market capitalization of $3.24 billion, a P/E ratio of -19.50, a PEG ratio of 1.47 and a beta of 1.24.

Hedge Funds Weigh In On Pactiv Evergreen

Large investors have recently modified their holdings of the stock. CSS LLC IL purchased a new position in Pactiv Evergreen during the fourth quarter worth $264,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Pactiv Evergreen by 34.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 105,155 shares of the company’s stock valued at $1,837,000 after purchasing an additional 26,705 shares during the last quarter. Squarepoint Ops LLC raised its position in Pactiv Evergreen by 2,933.4% in the 4th quarter. Squarepoint Ops LLC now owns 359,280 shares of the company’s stock worth $6,277,000 after purchasing an additional 347,436 shares during the period. Tidal Investments LLC bought a new stake in Pactiv Evergreen in the fourth quarter worth about $177,000. Finally, State of Wyoming lifted its stake in Pactiv Evergreen by 109.7% in the fourth quarter. State of Wyoming now owns 9,071 shares of the company’s stock worth $158,000 after purchasing an additional 4,745 shares during the last quarter. 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.