Pactiv Evergreen (NASDAQ:PTVE) Reaches New 52-Week High – Here’s What Happened

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) hit a new 52-week high on Wednesday . The stock traded as high as $17.88 and last traded at $17.88, with a volume of 132975 shares traded. The stock had previously closed at $17.83.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PTVE. 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 note on Wednesday, December 18th. UBS Group lowered Pactiv Evergreen from a “buy” rating to a “neutral” rating and boosted their target price for the company from $16.00 to $18.00 in a research report on Friday, January 10th. Royal Bank of Canada restated 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. Finally, Citigroup reaffirmed a “neutral” rating and issued a $18.00 price objective (up from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Pactiv Evergreen presently has an average rating of “Hold” and an average target price of $16.80.

Pactiv Evergreen Stock Performance

The stock’s fifty day simple moving average is $17.69 and its 200-day simple moving average is $14.46. The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of -19.42, a price-to-earnings-growth 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 Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. CSS LLC IL acquired a new stake in Pactiv Evergreen in the 4th quarter valued at about $264,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Pactiv Evergreen by 34.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 105,155 shares of the company’s stock worth $1,837,000 after buying an additional 26,705 shares during the period. Squarepoint Ops LLC raised its holdings in Pactiv Evergreen by 2,933.4% in the fourth quarter. Squarepoint Ops LLC now owns 359,280 shares of the company’s stock valued at $6,277,000 after acquiring an additional 347,436 shares in the last quarter. Tidal Investments LLC acquired a new stake in Pactiv Evergreen in the fourth quarter valued at approximately $177,000. Finally, State of Wyoming lifted its stake in Pactiv Evergreen by 109.7% in the fourth quarter. State of Wyoming now owns 9,071 shares of the company’s stock worth $158,000 after acquiring an additional 4,745 shares during the last quarter. 22.23% of the stock is currently owned by hedge funds and other 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.