Pactiv Evergreen Inc. (NASDAQ:PTVE) Short Interest Update

Pactiv Evergreen Inc. (NASDAQ:PTVE) was the recipient of a large drop in short interest in the month of March. As of March 15th, there was short interest totalling 1,000,000 shares, a drop of 20.0% from the February 28th total of 1,250,000 shares. Approximately 2.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 744,200 shares, the short-interest ratio is currently 1.3 days.

Hedge Funds Weigh In On Pactiv Evergreen

Several institutional investors and hedge funds have recently added to or reduced their stakes in PTVE. AlphaQuest LLC lifted its stake in Pactiv Evergreen by 10,155.9% in the fourth quarter. AlphaQuest LLC now owns 3,487 shares of the company’s stock valued at $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 in the 3rd quarter valued at approximately $132,000. Blue Trust Inc. lifted its position in shares of Pactiv Evergreen by 1,590.7% during the 4th quarter. Blue Trust Inc. now owns 7,963 shares of the company’s stock worth $139,000 after buying an additional 7,492 shares during the period. State of Wyoming raised its stake 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 shares of Pactiv Evergreen in the 4th quarter worth about $177,000. 22.23% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. UBS Group cut shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and increased their price objective for the company from $16.00 to $18.00 in a report on Friday, January 10th. Royal Bank of Canada reaffirmed 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. Jefferies Financial Group reissued a “hold” rating and issued a $18.00 price target (up from $15.00) on shares of Pactiv Evergreen in a report on Wednesday, December 18th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. Five research analysts have rated the stock with a hold rating, According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $16.80.

Pactiv Evergreen Stock Performance

Shares of PTVE remained flat at $18.01 during midday trading on Wednesday. The stock’s fifty day simple moving average is $17.84 and its 200-day simple moving average is $15.36. The firm has a market capitalization of $3.25 billion, a PE ratio of -19.58, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93. Pactiv Evergreen has a 12-month low of $8.83 and a 12-month high of $18.03.

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.