Short Interest in Pactiv Evergreen Inc. (NASDAQ:PTVE) Declines By 21.4%

Pactiv Evergreen Inc. (NASDAQ:PTVE - Get Free Report) saw a large drop in short interest in February. As of February 28th, there was short interest totalling 1,250,000 shares, a drop of 21.4% from the February 13th total of 1,590,000 shares. Currently, 3.2% of the shares of the stock are sold short. Based on an average daily volume of 1,190,000 shares, the short-interest ratio is currently 1.1 days.

Pactiv Evergreen Trading Up 0.1 %

Shares of PTVE traded up $0.02 during midday trading on Friday, hitting $17.93. The stock had a trading volume of 126,984 shares, compared to its average volume of 556,298. Pactiv Evergreen has a fifty-two week low of $8.83 and a fifty-two week high of $18.05. The business has a 50-day simple moving average of $17.78 and a two-hundred day simple moving average of $14.93. The firm has a market cap of $3.24 billion, a P/E ratio of -19.48, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26.

Wall Street Analysts Forecast Growth

PTVE has been the subject of several research reports. Jefferies Financial Group restated a "hold" rating and set a $18.00 price objective (up previously from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $18.00 target price (up from $14.00) on shares of Pactiv Evergreen in a report 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 report on Tuesday, December 10th. Finally, UBS Group cut shares of Pactiv Evergreen from a "buy" rating to a "neutral" rating and raised their target price 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 currently has a consensus rating of "Hold" and an average target price of $16.80.

Remove Ads

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PTVE. CSS LLC IL acquired a new stake in shares of Pactiv Evergreen during the 4th quarter valued at $264,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Pactiv Evergreen by 34.0% during the fourth 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 during the last quarter. Squarepoint Ops LLC grew its stake in Pactiv Evergreen by 2,933.4% in the fourth 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 purchased a new position in Pactiv Evergreen in the fourth quarter valued at about $177,000. Finally, State of Wyoming increased its position in Pactiv Evergreen by 109.7% in 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. 22.23% of the stock is owned by hedge funds and other institutional investors.

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.