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

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) hit a new 52-week high during trading on Monday . The company traded as high as $17.90 and last traded at $17.90, with a volume of 75283 shares. The stock had previously closed at $17.88.

Wall Street Analyst Weigh In

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

Pactiv Evergreen Trading Up 0.1 %

The business’s 50 day moving average is $17.76 and its two-hundred day moving average is $14.89. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26. The firm has a market capitalization of $3.23 billion, a P/E ratio of -19.46, a PEG ratio of 1.47 and a beta of 1.24.

Institutional Investors Weigh In On Pactiv Evergreen

Hedge funds and other institutional investors have recently modified their holdings of the stock. AlphaQuest LLC raised its position in Pactiv Evergreen by 10,155.9% in the fourth quarter. AlphaQuest LLC now owns 3,487 shares of the company’s stock worth $61,000 after acquiring an additional 3,453 shares in the last quarter. Blue Trust Inc. increased its stake in 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 in the last quarter. State of Wyoming increased its stake in Pactiv Evergreen by 109.7% in the 4th quarter. State of Wyoming now owns 9,071 shares of the company’s stock worth $158,000 after purchasing an additional 4,745 shares in the last quarter. Tidal Investments LLC purchased a new position in Pactiv Evergreen in the 4th quarter worth about $177,000. Finally, KLP Kapitalforvaltning AS purchased a new position in Pactiv Evergreen in the 4th quarter worth about $180,000. 22.23% of the stock is currently 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.