Pactiv Evergreen (NASDAQ:PTVE) Hits New 1-Year High - Should You Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE - Get Free Report) shares reached a new 52-week high on Tuesday . The stock traded as high as $17.89 and last traded at $17.88, with a volume of 128405 shares. The stock had previously closed at $17.83.

Wall Street Analyst Weigh In

Several research firms have commented on PTVE. Citigroup reissued 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. UBS Group downgraded shares of Pactiv Evergreen from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $16.00 to $18.00 in a research report on Friday, January 10th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $18.00 target price (up previously from $14.00) on shares of Pactiv Evergreen in a report on Thursday, December 19th. Finally, Jefferies Financial Group restated a "hold" rating and set a $18.00 price objective (up from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. Five research analysts have rated the stock with a hold rating, According to MarketBeat, Pactiv Evergreen has a consensus rating of "Hold" and an average price target of $16.80.

Pactiv Evergreen Price Performance

The business's fifty day moving average is $17.71 and its 200 day moving average is $14.62. The company has a market cap of $3.23 billion, a P/E ratio of -19.43, a PEG 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.

Institutional Investors Weigh In On Pactiv Evergreen

Several institutional investors have recently made changes to their positions in PTVE. AlphaQuest LLC raised its stake in shares of Pactiv Evergreen by 10,155.9% during the fourth quarter. AlphaQuest LLC now owns 3,487 shares of the company's stock valued at $61,000 after acquiring an additional 3,453 shares during the last quarter. Blue Trust Inc. grew 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 worth $139,000 after purchasing an additional 7,492 shares during the period. State of Wyoming increased its stake in shares of Pactiv Evergreen by 109.7% during the fourth quarter. State of Wyoming now owns 9,071 shares of the company's stock valued at $158,000 after purchasing an additional 4,745 shares in the last quarter. Tidal Investments LLC purchased a new position in shares of Pactiv Evergreen during the fourth quarter valued at approximately $177,000. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Pactiv Evergreen in the 4th quarter worth approximately $180,000. Hedge funds and other 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.

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