Pactiv Evergreen Inc. (NASDAQ:PTVE) Short Interest Down 20.0% in March

Pactiv Evergreen Inc. (NASDAQ:PTVE) was the recipient of a significant decline in short interest in the month of 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. Currently, 2.5% of the shares of the stock are sold short. Based on an average trading volume of 744,200 shares, the short-interest ratio is presently 1.3 days.

Institutional Investors Weigh In On Pactiv Evergreen

Several hedge funds have recently bought and sold shares of PTVE. Assenagon Asset Management S.A. increased its holdings in shares of Pactiv Evergreen by 111.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 145,240 shares of the company’s stock valued at $2,537,000 after purchasing an additional 76,440 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Pactiv Evergreen during the 4th quarter valued at $270,000. A&I Financial Services LLC purchased a new position in shares of Pactiv Evergreen during the 4th quarter valued at $744,000. Alberta Investment Management Corp acquired a new position in shares of Pactiv Evergreen in the fourth quarter worth $9,958,000. Finally, Wolverine Asset Management LLC purchased a new stake in shares of Pactiv Evergreen during the fourth quarter worth $1,359,000. 22.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PTVE has been the subject of a number of research analyst reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $18.00 price target (up from $14.00) on shares of Pactiv Evergreen in a report on Thursday, December 19th. Citigroup restated a “neutral” rating and set a $18.00 target price (up from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Jefferies Financial Group reaffirmed 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 lowered 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. Five equities research analysts have rated the stock with a hold rating, According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $16.80.

Pactiv Evergreen Price Performance

Shares of NASDAQ:PTVE opened at $17.96 on Monday. The company has a market cap of $3.24 billion, a P/E ratio of -19.52, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24. The company’s fifty day moving average is $17.82 and its two-hundred day moving average is $15.26. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26. Pactiv Evergreen has a 12-month low of $8.83 and a 12-month high of $17.98.

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.