Pactiv Evergreen (NASDAQ:PTVE) Sees Large Volume Increase – Here’s What Happened

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) saw unusually-high trading volume on Monday . Approximately 790,013 shares traded hands during mid-day trading, an increase of 36% from the previous session’s volume of 580,108 shares.The stock last traded at $18.01 and had previously closed at $17.96.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PTVE. UBS Group downgraded Pactiv Evergreen from a “buy” rating to a “neutral” rating and lifted their price target for the company from $16.00 to $18.00 in a research note on Friday, January 10th. Citigroup reaffirmed a “neutral” rating and set a $18.00 target price (up previously from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Jefferies Financial Group reissued a “hold” rating and issued a $18.00 price target (up from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $18.00 price objective (up from $14.00) on shares of Pactiv Evergreen in a report on Thursday, December 19th. Five analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $16.80.

Pactiv Evergreen Stock Up 0.4 %

The company has a market capitalization of $3.26 billion, a P/E ratio of -19.59, a PEG ratio of 1.47 and a beta of 1.24. The stock has a 50 day moving average price of $17.84 and a 200 day moving average price of $15.36. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93.

Institutional Investors Weigh In On Pactiv Evergreen

Large investors have recently modified their holdings of the stock. Magnetar Financial LLC purchased a new stake in Pactiv Evergreen during the fourth quarter valued at about $53,645,000. Dimensional Fund Advisors LP raised its stake in shares of Pactiv Evergreen by 7.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,884,505 shares of the company’s stock valued at $50,392,000 after purchasing an additional 205,051 shares during the period. TIG Advisors LLC purchased a new stake in Pactiv Evergreen during the 4th quarter worth about $44,120,000. Westchester Capital Management LLC bought a new position in Pactiv Evergreen in the 4th quarter worth about $30,149,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in Pactiv Evergreen during the 4th quarter valued at about $22,476,000. 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.