Pactiv Evergreen (NASDAQ:PTVE) Sees Unusually-High Trading Volume – Should You Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE) shares saw unusually-high trading volume on Thursday . Approximately 1,595,400 shares traded hands during trading, an increase of 127% from the previous session’s volume of 702,592 shares.The stock last traded at $17.87 and had previously closed at $17.87.

Analysts Set New Price Targets

Several research analysts have issued reports on PTVE shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $18.00 price target (up previously 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. Jefferies Financial Group restated a “hold” rating and set a $18.00 price target (up previously from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Finally, UBS Group lowered shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and raised their price objective for the company from $16.00 to $18.00 in a research note on Friday, January 10th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Pactiv Evergreen presently has an average rating of “Hold” and an average target price of $16.80.

Pactiv Evergreen Trading Down 0.1 %

The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93. The firm has a market capitalization of $3.22 billion, a P/E ratio of -19.40, a PEG ratio of 1.47 and a beta of 1.24. The firm has a 50 day simple moving average of $17.68 and a two-hundred day simple moving average of $14.43.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Magnetar Financial LLC purchased a new position in shares of Pactiv Evergreen in the 4th quarter worth approximately $53,645,000. TIG Advisors LLC bought a new stake in Pactiv Evergreen during the fourth quarter worth $44,120,000. Westchester Capital Management LLC purchased a new position in Pactiv Evergreen in the fourth quarter worth $30,149,000. Schonfeld Strategic Advisors LLC bought a new position in Pactiv Evergreen in the 4th quarter valued at $22,476,000. Finally, Hsbc Holdings PLC increased its position in shares of Pactiv Evergreen by 7,831.6% during the 4th quarter. Hsbc Holdings PLC now owns 1,079,488 shares of the company’s stock valued at $18,918,000 after purchasing an additional 1,065,878 shares during the last quarter. 22.23% of the stock is currently 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.