Pactiv Evergreen Inc. (NASDAQ:PTVE) Sees Significant Growth in Short Interest

Pactiv Evergreen Inc. (NASDAQ:PTVE) was the target of a significant growth in short interest in February. As of February 15th, there was short interest totalling 1,590,000 shares, a growth of 48.6% from the January 31st total of 1,070,000 shares. Based on an average daily trading volume, of 1,130,000 shares, the days-to-cover ratio is presently 1.4 days. Currently, 4.1% of the company’s stock are sold short.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. AlphaQuest LLC raised its stake in shares of Pactiv Evergreen by 10,155.9% in the fourth quarter. AlphaQuest LLC now owns 3,487 shares of the company’s stock worth $61,000 after acquiring an additional 3,453 shares during the last quarter. Intech Investment Management LLC bought a new stake in shares of Pactiv Evergreen during the third quarter valued at approximately $132,000. Blue Trust Inc. increased its holdings in shares of Pactiv Evergreen by 1,590.7% in the fourth quarter. Blue Trust Inc. now owns 7,963 shares of the company’s stock valued at $139,000 after purchasing an additional 7,492 shares in the last quarter. State of Wyoming raised its position in Pactiv Evergreen by 109.7% in the 4th quarter. State of Wyoming now owns 9,071 shares of the company’s stock worth $158,000 after purchasing an additional 4,745 shares during the last quarter. Finally, Tidal Investments LLC acquired a new position in Pactiv Evergreen during the 4th quarter worth $177,000. 22.23% of the stock is owned by institutional investors and hedge funds.

Pactiv Evergreen Stock Down 0.1 %

Shares of PTVE opened at $17.83 on Wednesday. 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 company has a 50-day moving average price of $17.68 and a two-hundred day moving average price of $14.43. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of -19.38, a P/E/G ratio of 1.47 and a beta of 1.24. Pactiv Evergreen has a 12 month low of $8.83 and a 12 month high of $17.88.

Analyst Ratings Changes

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