Pactiv Evergreen (NASDAQ:PTVE) Reaches New 52-Week High – Still a Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $17.94 and last traded at $17.94, with a volume of 1063092 shares changing hands. The stock had previously closed at $17.91.

Wall Street Analyst Weigh In

PTVE has been the subject of a number of research analyst reports. Jefferies Financial Group reissued a “hold” rating and issued a $18.00 target price (up from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Royal Bank of Canada reissued a “sector perform” rating and issued a $18.00 target price (up from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. UBS Group cut 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 note on Friday, January 10th. Finally, Citigroup reissued a “neutral” rating and issued a $18.00 target price (up from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. Five analysts have rated the stock with a hold rating, According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $16.80.

Pactiv Evergreen Stock Up 0.1 %

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 50 day simple moving average of $17.78 and a 200-day simple moving average of $15.02. The stock has a market cap of $3.24 billion, a P/E ratio of -19.49, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24.

Institutional Trading of Pactiv Evergreen

Institutional investors and hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. bought a new position in shares of Pactiv Evergreen during the third quarter worth approximately $2,074,000. Intech Investment Management LLC acquired a new position in Pactiv Evergreen in the 3rd quarter valued at $132,000. Charles Schwab Investment Management Inc. raised its holdings in Pactiv Evergreen by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 982,661 shares of the company’s stock valued at $11,310,000 after acquiring an additional 16,029 shares in the last quarter. Verition Fund Management LLC acquired a new position in Pactiv Evergreen in the 3rd quarter valued at $215,000. Finally, Paloma Partners Management Co acquired a new position in Pactiv Evergreen in the 3rd quarter valued at $178,000. Institutional investors own 22.23% of the company’s stock.

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.