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

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

Pactiv Evergreen Stock Up 0.1 %

Shares of PTVE stock traded up $0.02 on Monday, reaching $17.90. 113,327 shares of the stock were exchanged, compared to its average volume of 691,758. The business’s 50 day moving average price is $17.75 and its 200 day moving average price is $14.80. The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of -19.45, a PEG ratio of 1.47 and a beta of 1.24. Pactiv Evergreen has a twelve month low of $8.83 and a twelve month high of $17.90. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26.

Institutional Trading of Pactiv Evergreen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PTVE. CSS LLC IL acquired a new stake in shares of Pactiv Evergreen in the 4th quarter valued at about $264,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Pactiv Evergreen by 34.0% in 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 in the last quarter. Squarepoint Ops LLC grew its holdings in Pactiv Evergreen by 2,933.4% during the fourth quarter. Squarepoint Ops LLC now owns 359,280 shares of the company’s stock worth $6,277,000 after acquiring an additional 347,436 shares during the period. Tidal Investments LLC acquired a new position in shares of Pactiv Evergreen during the 4th quarter worth $177,000. Finally, State of Wyoming lifted its position in shares of Pactiv Evergreen by 109.7% during the 4th quarter. State of Wyoming now owns 9,071 shares of the company’s stock valued at $158,000 after acquiring an additional 4,745 shares during the period. Institutional investors and hedge funds own 22.23% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on PTVE shares. 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. UBS Group lowered Pactiv Evergreen from a “buy” rating to a “neutral” rating and upped their price target for the company from $16.00 to $18.00 in a research note on Friday, January 10th. Jefferies Financial Group restated a “hold” rating and set a $18.00 price target (up from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Finally, Citigroup reissued a “neutral” rating and issued a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $16.80.

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.