Pactiv Evergreen (NASDAQ:PTVE) Reaches New 12-Month High – Here’s What Happened

Pactiv Evergreen Inc. (NASDAQ:PTVE) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $18.03 and last traded at $18.01, with a volume of 5785949 shares trading hands. The stock had previously closed at $17.96.

Analyst Upgrades and Downgrades

PTVE has been the topic of several research analyst reports. Citigroup restated a “neutral” rating and set a $18.00 target price (up previously from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Jefferies Financial Group reissued a “hold” rating and set a $18.00 price objective (up previously from $15.00) on shares of Pactiv Evergreen in a report on Wednesday, December 18th. UBS Group downgraded shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $16.00 to $18.00 in a research note on Friday, January 10th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $18.00 price target (up from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $16.80.

Pactiv Evergreen Price 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 stock has a market capitalization of $3.25 billion, a P/E ratio of -19.58, a PEG ratio of 1.47 and a beta of 1.24. The company has a fifty day simple moving average of $17.84 and a two-hundred day simple moving average of $15.38.

Institutional Investors Weigh In On Pactiv Evergreen

Institutional investors and hedge funds have recently modified their holdings of the business. AlphaQuest LLC grew its holdings in Pactiv Evergreen by 10,155.9% during 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. Blue Trust Inc. boosted its position in shares of Pactiv Evergreen by 1,590.7% in the 4th 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 last quarter. State of Wyoming grew 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 worth $158,000 after purchasing an additional 4,745 shares during the period. Tidal Investments LLC bought a new stake in Pactiv Evergreen in the fourth quarter valued at about $177,000. Finally, KLP Kapitalforvaltning AS acquired a new position in Pactiv Evergreen in the fourth quarter valued at about $180,000. 22.23% of the stock is owned by 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.