Short Interest in Pactiv Evergreen Inc. (NASDAQ:PTVE) Declines By 20.0%

Pactiv Evergreen Inc. (NASDAQ:PTVE - Get Free Report) saw 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 company's shares are short sold. Based on an average daily trading volume, of 744,200 shares, the short-interest ratio is presently 1.3 days.

Institutional Trading of Pactiv Evergreen

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. AlphaQuest LLC boosted its holdings 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 purchasing an additional 3,453 shares during the last quarter. Blue Trust Inc. lifted its holdings in Pactiv Evergreen by 1,590.7% in the fourth quarter. Blue Trust Inc. now owns 7,963 shares of the company's stock valued at $139,000 after acquiring an additional 7,492 shares during the period. State of Wyoming lifted its holdings in Pactiv Evergreen by 109.7% in the fourth quarter. State of Wyoming now owns 9,071 shares of the company's stock valued at $158,000 after acquiring an additional 4,745 shares during the period. Tidal Investments LLC acquired a new stake in Pactiv Evergreen during the fourth quarter valued at $177,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Pactiv Evergreen during the 4th quarter valued at about $180,000. Institutional investors and hedge funds own 22.23% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $18.00 target price (up from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th. 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 research note on Wednesday, December 18th. UBS Group cut shares of Pactiv Evergreen from a "buy" rating to a "neutral" rating and increased their target price for the stock from $16.00 to $18.00 in a report on Friday, January 10th. Finally, Citigroup restated 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. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $16.80.

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Pactiv Evergreen Stock Performance

Shares of NASDAQ:PTVE remained flat at $18.01 during trading on Friday. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26. Pactiv Evergreen has a 1 year low of $8.83 and a 1 year high of $18.03. 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 stock's 50-day moving average price is $17.85 and its 200-day moving average price is $15.39.

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.