Pactiv Evergreen Inc. (NASDAQ:PTVE) Sees Significant Drop in Short Interest

Pactiv Evergreen Inc. (NASDAQ:PTVE) was the recipient of a large decrease in short interest in the month of March. As of March 15th, there was short interest totalling 1,000,000 shares, a decrease of 20.0% from the February 28th total of 1,250,000 shares. Based on an average trading volume of 744,200 shares, the short-interest ratio is currently 1.3 days. Currently, 2.5% of the company’s stock are sold short.

Wall Street Analyst Weigh In

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

Pactiv Evergreen Stock Up 0.4 %

Shares of PTVE traded up $0.07 during trading hours on Tuesday, hitting $18.03. The company had a trading volume of 5,785,900 shares, compared to its average volume of 599,597. Pactiv Evergreen has a 52-week low of $8.83 and a 52-week high of $18.03. The firm has a fifty day moving average price of $17.83 and a 200-day moving average price of $15.31. The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of -19.59, a P/E/G ratio of 1.47 and a beta of 1.24. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. AlphaQuest LLC raised its holdings in Pactiv Evergreen by 10,155.9% in the 4th quarter. AlphaQuest LLC now owns 3,487 shares of the company’s stock worth $61,000 after acquiring an additional 3,453 shares during the last quarter. Blue Trust Inc. increased its position in Pactiv Evergreen by 1,590.7% during the fourth quarter. Blue Trust Inc. now owns 7,963 shares of the company’s stock valued at $139,000 after acquiring an additional 7,492 shares during the last quarter. State of Wyoming boosted its position 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. Tidal Investments LLC purchased a new position in Pactiv Evergreen in the fourth quarter worth about $177,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Pactiv Evergreen during the 4th quarter valued at about $180,000. Institutional investors own 22.23% of the company’s stock.

Pactiv Evergreen Company Profile

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.