Pactiv Evergreen (NASDAQ:PTVE) Reaches New 1-Year High – Time to Buy?

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) hit a new 52-week high during trading on Wednesday . The stock traded as high as $17.85 and last traded at $17.82, with a volume of 529355 shares traded. The stock had previously closed at $17.82.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on PTVE shares. Citigroup reiterated a “neutral” rating and issued a $18.00 price target (up from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $18.00 target price (up previously from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th. UBS Group lowered Pactiv Evergreen from a “buy” rating to a “neutral” rating and upped their price target for the company from $16.00 to $18.00 in a research report on Friday, January 10th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $18.00 price objective (up previously from $15.00) on shares of Pactiv Evergreen in a report on Wednesday, December 18th. Six equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, Pactiv Evergreen currently has an average rating of “Hold” and an average target price of $16.33.

Pactiv Evergreen Stock Performance

The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26. The business has a 50-day moving average price of $17.60 and a two-hundred day moving average price of $13.94.

Institutional Investors Weigh In On Pactiv Evergreen

Hedge funds have recently added to or reduced their stakes in the stock. AlphaQuest LLC increased its holdings in shares of Pactiv Evergreen by 10,155.9% in the 4th quarter. AlphaQuest LLC now owns 3,487 shares of the company’s stock worth $61,000 after acquiring an additional 3,453 shares during the period. Intech Investment Management LLC bought a new position in Pactiv Evergreen in the 3rd quarter worth about $132,000. Blue Trust Inc. increased its stake in shares of 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 purchasing an additional 7,492 shares during the period. State of Wyoming increased its stake in shares of 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 purchasing an additional 4,745 shares during the period. Finally, Tidal Investments LLC bought a new stake in shares of Pactiv Evergreen during the fourth quarter valued at approximately $177,000. 22.23% of the stock is currently owned by 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.