Pactiv Evergreen (NASDAQ:PTVE) Hits New 12-Month High – Should You Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s share price reached a new 52-week high on Wednesday . The company traded as high as $17.85 and last traded at $17.82, with a volume of 529355 shares trading hands. The stock had previously closed at $17.82.

Analysts Set New Price Targets

Several research firms have issued reports on PTVE. Citigroup reissued a “neutral” rating and issued a $18.00 price target (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 issued a $18.00 price target (up previously from $15.00) on shares of Pactiv Evergreen in a report on Wednesday, December 18th. UBS Group lowered shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and increased their price target for the stock from $16.00 to $18.00 in a report on Friday, January 10th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $18.00 target price (up previously from $14.00) on shares of Pactiv Evergreen in a report on Thursday, December 19th. Six equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, Pactiv Evergreen currently has a consensus rating of “Hold” and a consensus target price of $16.33.

Pactiv Evergreen Price Performance

The company’s 50-day moving average price is $17.57 and its 200 day moving average price is $13.88. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.93 and a quick ratio of 1.04.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of PTVE. Magnetar Financial LLC purchased a new position in Pactiv Evergreen in the fourth quarter worth about $53,645,000. TIG Advisors LLC purchased a new position in Pactiv Evergreen in the fourth quarter worth about $44,120,000. Westchester Capital Management LLC purchased a new position in Pactiv Evergreen in the fourth quarter worth about $30,149,000. Schonfeld Strategic Advisors LLC purchased a new position in Pactiv Evergreen in the fourth quarter worth about $22,476,000. Finally, Hsbc Holdings PLC raised its holdings 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 worth $18,918,000 after buying an additional 1,065,878 shares during the last quarter. 22.23% of the stock is 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.