Pactiv Evergreen (NASDAQ:PTVE) Hits New 52-Week High – Should You Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE) shares reached a new 52-week high on Tuesday . The company traded as high as $17.86 and last traded at $17.84, with a volume of 15931 shares changing hands. The stock had previously closed at $17.83.

Wall Street Analyst Weigh In

PTVE has been the topic of several recent analyst reports. UBS Group lowered shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and increased their target price for the stock from $16.00 to $18.00 in a research note on Friday, January 10th. Citigroup reaffirmed a “neutral” rating and set a $18.00 price objective (up from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Jefferies Financial Group reissued a “hold” rating and set a $18.00 target price (up previously from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $18.00 price target (up from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th. Six analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $16.33.

Pactiv Evergreen Price Performance

The company has a market cap of $3.20 billion, a price-to-earnings ratio of -19.39, a PEG ratio of 1.47 and a beta of 1.24. The stock’s 50-day simple moving average is $17.62 and its 200 day simple moving average is $14.11. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26.

Hedge Funds Weigh In On Pactiv Evergreen

Institutional investors and hedge funds have recently made changes to their positions in the stock. Magnetar Financial LLC purchased a new stake in Pactiv Evergreen during the 4th quarter worth about $53,645,000. TIG Advisors LLC purchased a new position in Pactiv Evergreen in the fourth quarter valued at approximately $44,120,000. Westchester Capital Management LLC purchased a new position in Pactiv Evergreen in the fourth quarter valued at approximately $30,149,000. Schonfeld Strategic Advisors LLC acquired a new stake in Pactiv Evergreen during the fourth quarter worth approximately $22,476,000. Finally, Hsbc Holdings PLC lifted its position in shares of Pactiv Evergreen by 7,831.6% during the 4th quarter. Hsbc Holdings PLC now owns 1,079,488 shares of the company’s stock worth $18,918,000 after buying an additional 1,065,878 shares during the last quarter. 22.23% of the stock is owned by institutional investors and hedge funds.

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.