Pactiv Evergreen Inc. (NASDAQ:PTVE) Sees Significant Increase in Short Interest

Pactiv Evergreen Inc. (NASDAQ:PTVE - Get Free Report) was the recipient of a large increase in short interest during the month of February. As of February 15th, there was short interest totalling 1,590,000 shares, an increase of 48.6% from the January 31st total of 1,070,000 shares. Based on an average daily trading volume, of 1,130,000 shares, the days-to-cover ratio is currently 1.4 days. Currently, 4.1% of the company's stock are sold short.

Pactiv Evergreen Stock Performance

Shares of PTVE traded up $0.02 during mid-day trading on Friday, reaching $17.87. The company had a trading volume of 627,233 shares, compared to its average volume of 730,705. The stock has a market capitalization of $3.23 billion, a P/E ratio of -19.42, a PEG ratio of 1.47 and a beta of 1.24. Pactiv Evergreen has a 52-week low of $8.83 and a 52-week high of $17.89. The stock has a 50 day moving average of $17.70 and a two-hundred day moving average of $14.48. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Citigroup reissued a "neutral" rating and issued a $18.00 price target (up previously from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Jefferies Financial Group reissued a "hold" rating and issued a $18.00 price objective (up from $15.00) on shares of Pactiv Evergreen in a report on Wednesday, December 18th. 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 report on Thursday, December 19th. Finally, UBS Group downgraded shares of Pactiv Evergreen from a "buy" rating to a "neutral" rating and increased their price target for the stock from $16.00 to $18.00 in a report on Friday, January 10th. Five analysts have rated the stock with a hold rating, According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $16.80.

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Hedge Funds Weigh In On Pactiv Evergreen

Institutional investors have recently made changes to their positions in the company. CSS LLC IL acquired a new stake in Pactiv Evergreen during the fourth quarter valued at $264,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of 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 purchasing an additional 26,705 shares in the last quarter. Squarepoint Ops LLC increased its stake in shares of 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 purchasing an additional 347,436 shares in the last quarter. Tidal Investments LLC acquired a new position in Pactiv Evergreen in the 4th quarter worth about $177,000. Finally, State of Wyoming boosted its position 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 purchasing an additional 4,745 shares in the last quarter. 22.23% of the stock is owned by hedge funds and other institutional investors.

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.