Pactiv Evergreen (NASDAQ:PTVE) Sets New 1-Year High – Here’s Why

Pactiv Evergreen Inc. (NASDAQ:PTVE) shares hit a new 52-week high during trading on Monday . The stock traded as high as $17.94 and last traded at $17.94, with a volume of 1063092 shares trading hands. The stock had previously closed at $17.91.

Analyst Ratings Changes

A number of research firms have commented on PTVE. Jefferies Financial Group reissued a “hold” rating and issued a $18.00 target price (up previously from $15.00) on shares of Pactiv Evergreen in a report on Wednesday, December 18th. UBS Group lowered 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 report on Friday, January 10th. Citigroup reaffirmed a “neutral” rating and set a $18.00 price target (up previously from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $18.00 price target (up from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $16.80.

Pactiv Evergreen Stock Performance

The company has a market cap of $3.24 billion, a P/E ratio of -19.50, a P/E/G 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. The business has a fifty day simple moving average of $17.80 and a two-hundred day simple moving average of $15.11.

Hedge Funds Weigh In On Pactiv Evergreen

A number of institutional investors and hedge funds have recently made changes to their positions in the business. AlphaQuest LLC raised its holdings in Pactiv Evergreen by 10,155.9% in the 4th 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 period. Intech Investment Management LLC purchased a new stake in Pactiv Evergreen in the 3rd quarter worth approximately $132,000. Blue Trust Inc. raised its stake in 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 acquiring an additional 7,492 shares during the period. State of Wyoming lifted its holdings in Pactiv Evergreen by 109.7% during the fourth quarter. State of Wyoming now owns 9,071 shares of the company’s stock valued at $158,000 after purchasing an additional 4,745 shares in the last quarter. Finally, Tidal Investments LLC bought a new position in shares of Pactiv Evergreen in the fourth quarter worth approximately $177,000. Hedge funds and other institutional investors 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.