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

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Magnetar Financial LLC acquired a new position in Pactiv Evergreen during the fourth quarter valued at approximately $53,645,000. Dimensional Fund Advisors LP grew its holdings in Pactiv Evergreen by 7.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,884,505 shares of the company’s stock valued at $50,392,000 after purchasing an additional 205,051 shares during the period. TIG Advisors LLC acquired a new position in Pactiv Evergreen during the fourth quarter valued at approximately $44,120,000. Westchester Capital Management LLC acquired a new position in Pactiv Evergreen during the fourth quarter valued at approximately $30,149,000. Finally, Schonfeld Strategic Advisors LLC acquired a new position in Pactiv Evergreen during the fourth quarter valued at approximately $22,476,000. Institutional investors and hedge funds own 22.23% of the company’s stock.

Pactiv Evergreen Trading Up 0.1 %

Shares of PTVE traded up $0.02 on Tuesday, reaching $17.90. 536,324 shares of the company’s stock were exchanged, compared to its average volume of 559,272. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26. The stock has a market capitalization of $3.23 billion, a P/E ratio of -19.46, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24. The business has a 50 day moving average price of $17.75 and a two-hundred day moving average price of $14.84. Pactiv Evergreen has a 12 month low of $8.83 and a 12 month high of $17.91.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PTVE. UBS Group downgraded shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $16.00 to $18.00 in a research note on Friday, January 10th. Citigroup reissued a “neutral” rating and set a $18.00 price target (up from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. Royal Bank of Canada reissued a “sector perform” rating and set a $18.00 price target (up from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Finally, Jefferies Financial Group reissued a “hold” rating and set a $18.00 price target (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, the company presently has an average rating of “Hold” and a consensus target price of $16.80.

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.