Pactiv Evergreen Inc. (NASDAQ:PTVE) Short Interest Up 48.6% in February

Pactiv Evergreen Inc. (NASDAQ:PTVE) was the target of a large growth in short interest during the month of 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. Currently, 4.1% of the company’s shares are short sold. Based on an average daily trading volume, of 1,130,000 shares, the short-interest ratio is presently 1.4 days.

Hedge Funds Weigh In On Pactiv Evergreen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CSS LLC IL purchased a new position in Pactiv Evergreen in the 4th quarter valued at approximately $264,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Pactiv Evergreen by 34.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 105,155 shares of the company’s stock valued at $1,837,000 after buying an additional 26,705 shares during the period. Squarepoint Ops LLC boosted its position in Pactiv Evergreen by 2,933.4% in the 4th quarter. Squarepoint Ops LLC now owns 359,280 shares of the company’s stock valued at $6,277,000 after buying an additional 347,436 shares during the period. Tidal Investments LLC purchased a new position in Pactiv Evergreen in the 4th quarter valued at approximately $177,000. Finally, State of Wyoming lifted its position in shares of Pactiv Evergreen by 109.7% during 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. Hedge funds and other institutional investors own 22.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PTVE shares. Jefferies Financial Group restated a “hold” rating and set a $18.00 price target (up previously from $15.00) on shares of Pactiv Evergreen in a report on Wednesday, December 18th. UBS Group downgraded shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and raised their price target for the stock from $16.00 to $18.00 in a report on Friday, January 10th. Citigroup reaffirmed a “neutral” rating and set a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $18.00 price objective (up previously from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th. Six analysts have rated the stock with a hold rating, Based on data from MarketBeat, Pactiv Evergreen has an average rating of “Hold” and a consensus price target of $16.33.

Pactiv Evergreen Stock Down 0.1 %

PTVE stock traded down $0.02 during midday trading on Tuesday, hitting $17.83. The company’s stock had a trading volume of 626,363 shares, compared to its average volume of 661,242. 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 52-week low of $8.83 and a 52-week high of $17.88. The firm has a market capitalization of $3.22 billion, a P/E ratio of -19.38, a PEG ratio of 1.47 and a beta of 1.24. The firm has a 50-day simple moving average of $17.67 and a 200-day simple moving average of $14.38.

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.