Pactiv Evergreen (NASDAQ:PTVE) Sees Unusually-High Trading Volume – Here’s What Happened

Pactiv Evergreen Inc. (NASDAQ:PTVE) shares saw strong trading volume on Thursday . 1,595,400 shares were traded during mid-day trading, an increase of 127% from the previous session’s volume of 702,592 shares.The stock last traded at $17.87 and had previously closed at $17.87.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. 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 boosted their price target for the company from $16.00 to $18.00 in a report on Friday, January 10th. 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. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $18.00 price target (up previously from $14.00) on shares of Pactiv Evergreen in a report on Thursday, December 19th. Five analysts have rated the stock with a hold rating, Based on data from MarketBeat, Pactiv Evergreen presently has an average rating of “Hold” and a consensus target price of $16.80.

Pactiv Evergreen Stock Performance

The stock has a market capitalization of $3.23 billion, a P/E ratio of -19.42, a PEG ratio of 1.47 and a beta of 1.24. 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 company’s fifty day simple moving average is $17.70 and its two-hundred day simple moving average is $14.48.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PTVE. AlphaQuest LLC grew its position in shares of Pactiv Evergreen by 10,155.9% during the 4th quarter. AlphaQuest LLC now owns 3,487 shares of the company’s stock worth $61,000 after purchasing an additional 3,453 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of Pactiv Evergreen during the 3rd quarter worth approximately $132,000. Blue Trust Inc. grew its position in shares of Pactiv Evergreen by 1,590.7% during 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 boosted its position in shares of Pactiv Evergreen by 109.7% during the 4th quarter. State of Wyoming now owns 9,071 shares of the company’s stock worth $158,000 after acquiring an additional 4,745 shares in the last quarter. Finally, Tidal Investments LLC acquired a new stake in shares of Pactiv Evergreen during the 4th quarter worth approximately $177,000. 22.23% of the stock is owned by 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.