Pactiv Evergreen Inc. (NASDAQ:PTVE) Short Interest Down 21.4% in February

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

Pactiv Evergreen Stock Up 0.1 %

PTVE traded up $0.02 during trading hours on Tuesday, hitting $17.90. 536,324 shares of the company’s stock were exchanged, compared to its average volume of 559,272. Pactiv Evergreen has a 1-year low of $8.83 and a 1-year high of $17.91. The stock’s 50-day moving average is $17.75 and its two-hundred day moving average is $14.84. The stock has a market cap of $3.23 billion, a price-to-earnings ratio of -19.46, a PEG ratio of 1.47 and a beta of 1.24. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26.

Analysts Set New Price Targets

Several research firms have recently weighed in on PTVE. Citigroup reiterated a “neutral” rating and issued a $18.00 price target (up previously from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. 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 report on Thursday, December 19th. Jefferies Financial Group reiterated a “hold” rating and issued a $18.00 price target (up previously from $15.00) on shares of Pactiv Evergreen in a report on Wednesday, December 18th. Finally, UBS Group cut shares of 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 report on Friday, January 10th. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Pactiv Evergreen currently has an average rating of “Hold” and a consensus target price of $16.80.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PTVE. AlphaQuest LLC boosted its holdings in Pactiv Evergreen by 10,155.9% during the fourth quarter. AlphaQuest LLC now owns 3,487 shares of the company’s stock worth $61,000 after purchasing an additional 3,453 shares during the last quarter. Intech Investment Management LLC acquired a new position in Pactiv Evergreen during the third quarter worth $132,000. Blue Trust Inc. boosted its holdings in Pactiv Evergreen by 1,590.7% during the fourth quarter. Blue Trust Inc. now owns 7,963 shares of the company’s stock worth $139,000 after purchasing an additional 7,492 shares during the last quarter. State of Wyoming raised its position 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 in the last quarter. Finally, Tidal Investments LLC bought a new stake in Pactiv Evergreen during the fourth quarter worth $177,000. 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.