Pactiv Evergreen Inc. (NASDAQ:PTVE) Short Interest Update

Pactiv Evergreen Inc. (NASDAQ:PTVE) was the recipient of a large increase in short interest in February. As of February 15th, there was short interest totalling 1,590,000 shares, an increase of 48.6% from the January 31st total of 1,070,000 shares. Currently, 4.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,130,000 shares, the days-to-cover ratio is currently 1.4 days.

Institutional Trading of Pactiv Evergreen

A number of institutional investors and hedge funds have recently made changes to their positions in PTVE. Magnetar Financial LLC acquired a new stake in Pactiv Evergreen during the fourth quarter worth about $53,645,000. TIG Advisors LLC acquired a new position in shares of Pactiv Evergreen during the 4th quarter valued at $44,120,000. Westchester Capital Management LLC purchased a new stake in Pactiv Evergreen during the 4th quarter worth $30,149,000. Schonfeld Strategic Advisors LLC acquired a new stake in Pactiv Evergreen in the 4th quarter valued at $22,476,000. Finally, Hsbc Holdings PLC raised its position in Pactiv Evergreen by 7,831.6% in the fourth 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 period. 22.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PTVE shares. Citigroup reissued a “neutral” rating and issued a $18.00 price target (up from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Royal Bank of Canada reissued a “sector perform” rating and issued a $18.00 price objective (up previously from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th. Jefferies Financial Group restated a “hold” rating and set a $18.00 target price (up previously from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. Finally, UBS Group downgraded Pactiv Evergreen from a “buy” rating to a “neutral” rating and boosted their price target for the company from $16.00 to $18.00 in a report on Friday, January 10th. Six analysts have rated the stock with a hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $16.33.

Pactiv Evergreen Trading Down 0.1 %

Pactiv Evergreen stock traded down $0.01 during trading on Monday, reaching $17.85. The company had a trading volume of 684,931 shares, compared to its average volume of 666,161. 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 price-to-earnings ratio of -19.40, a PEG ratio of 1.47 and a beta of 1.24. Pactiv Evergreen has a 12-month low of $8.83 and a 12-month high of $17.88. The stock’s 50 day moving average price is $17.67 and its two-hundred day moving average price is $14.38.

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.