Pactiv Evergreen (NASDAQ:PTVE) Reaches New 1-Year High – Time to Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $18.03 and last traded at $18.01, with a volume of 5785949 shares. The stock had previously closed at $17.96.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on PTVE shares. Royal Bank of Canada restated a “sector perform” rating and set a $18.00 target price (up previously from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Citigroup reiterated a “neutral” rating and set a $18.00 price target (up from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. UBS Group downgraded 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. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $18.00 target price (up from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Five analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $16.80.

Pactiv Evergreen Stock Performance

The business has a 50-day moving average price of $17.84 and a 200-day moving average price of $15.38. 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 capitalization of $3.25 billion, a P/E ratio of -19.58, a PEG ratio of 1.47 and a beta of 1.24.

Institutional Investors Weigh In On Pactiv Evergreen

Several institutional investors and hedge funds have recently bought and sold shares of the business. Assenagon Asset Management S.A. boosted its position in shares of Pactiv Evergreen by 111.1% during the 4th quarter. Assenagon Asset Management S.A. now owns 145,240 shares of the company’s stock valued at $2,537,000 after acquiring an additional 76,440 shares in the last quarter. SG Americas Securities LLC bought a new position in Pactiv Evergreen during the fourth quarter worth about $270,000. A&I Financial Services LLC acquired a new stake in Pactiv Evergreen during the fourth quarter valued at approximately $744,000. Alberta Investment Management Corp bought a new stake in shares of Pactiv Evergreen in the 4th quarter valued at approximately $9,958,000. Finally, Wolverine Asset Management LLC acquired a new position in shares of Pactiv Evergreen in the 4th quarter worth approximately $1,359,000. 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.