Pactiv Evergreen Inc. (NASDAQ:PTVE) Short Interest Update

Pactiv Evergreen Inc. (NASDAQ:PTVE) was the target of a large decline in short interest in March. As of March 15th, there was short interest totalling 1,000,000 shares, a decline of 20.0% from the February 28th total of 1,250,000 shares. Based on an average daily trading volume, of 744,200 shares, the short-interest ratio is presently 1.3 days. Approximately 2.5% of the shares of the stock are sold short.

Pactiv Evergreen Price Performance

Pactiv Evergreen stock remained flat at $18.01 during midday trading on Wednesday. The company has a 50 day simple moving average of $17.84 and a 200 day simple moving average of $15.36. Pactiv Evergreen has a one year low of $8.83 and a one year high of $18.03. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of -19.58, a PEG ratio of 1.47 and a beta of 1.24.

Institutional Investors Weigh In On Pactiv Evergreen

A number of large investors have recently added to or reduced their stakes in PTVE. AlphaQuest LLC raised its position in shares of Pactiv Evergreen by 10,155.9% in the 4th quarter. AlphaQuest LLC now owns 3,487 shares of the company’s stock valued at $61,000 after purchasing an additional 3,453 shares in the last quarter. Intech Investment Management LLC acquired a new position in Pactiv Evergreen in the third quarter worth $132,000. Blue Trust Inc. increased its stake 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 purchasing an additional 7,492 shares during the last quarter. State of Wyoming raised its stake in Pactiv Evergreen by 109.7% during the fourth quarter. State of Wyoming now owns 9,071 shares of the company’s stock worth $158,000 after acquiring an additional 4,745 shares during the period. Finally, Tidal Investments LLC bought a new position in shares of Pactiv Evergreen during the fourth quarter valued at approximately $177,000. 22.23% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

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.