Pactiv Evergreen Inc. (NASDAQ:PTVE) Sees Large Decline in Short Interest

Pactiv Evergreen Inc. (NASDAQ:PTVE) was the target of a significant decline in short interest in 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. Approximately 3.2% of the shares of the company are sold short. Based on an average daily volume of 1,190,000 shares, the short-interest ratio is currently 1.1 days.

Wall Street Analysts Forecast Growth

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

Pactiv Evergreen Trading Up 0.0 %

NASDAQ:PTVE traded up $0.01 during midday trading on Wednesday, hitting $17.91. The stock had a trading volume of 71,390 shares, compared to its average volume of 557,566. Pactiv Evergreen has a one year low of $8.83 and a one year high of $17.92. The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of -19.46, a PEG ratio of 1.47 and a beta of 1.24. The stock has a 50-day moving average of $17.76 and a 200 day moving average of $14.89. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26.

Institutional Trading of Pactiv Evergreen

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. purchased a new stake in shares of Pactiv Evergreen during the 3rd quarter valued at $2,074,000. Segall Bryant & Hamill LLC purchased a new position in Pactiv Evergreen in the 3rd quarter worth $3,899,000. Intech Investment Management LLC purchased a new position in Pactiv Evergreen in the 3rd quarter worth $132,000. Charles Schwab Investment Management Inc. raised its stake in Pactiv Evergreen by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 982,661 shares of the company’s stock worth $11,310,000 after acquiring an additional 16,029 shares during the last quarter. Finally, Verition Fund Management LLC purchased a new position in Pactiv Evergreen in the 3rd quarter worth $215,000. Institutional investors own 22.23% of the company’s stock.

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.