Pactiv Evergreen (NASDAQ:PTVE) Sees Unusually-High Trading Volume – Time to Buy?

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) saw an uptick in trading volume on Monday . 790,013 shares changed hands during trading, an increase of 36% from the previous session’s volume of 580,108 shares.The stock last traded at $18.01 and had previously closed at $17.96.

Analyst Upgrades and Downgrades

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

Pactiv Evergreen Stock Up 0.4 %

The stock’s 50-day simple moving average is $17.84 and its 200 day simple moving average is $15.36. 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 firm has a market cap of $3.26 billion, a P/E ratio of -19.59, a PEG ratio of 1.47 and a beta of 1.24.

Institutional Trading of Pactiv Evergreen

Large investors have recently modified their holdings of the stock. Magnetar Financial LLC acquired a new stake in Pactiv Evergreen in the fourth quarter worth $53,645,000. TIG Advisors LLC acquired a new position in Pactiv Evergreen during the 4th quarter worth approximately $44,120,000. Westchester Capital Management LLC bought a new position in Pactiv Evergreen in the fourth quarter worth approximately $30,149,000. Schonfeld Strategic Advisors LLC acquired a new stake in Pactiv Evergreen in the fourth quarter valued at approximately $22,476,000. Finally, Hsbc Holdings PLC raised its position in shares of Pactiv Evergreen by 7,831.6% during the fourth quarter. Hsbc Holdings PLC now owns 1,079,488 shares of the company’s stock worth $18,918,000 after purchasing an additional 1,065,878 shares during the period. Institutional investors and hedge funds 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.