Pactiv Evergreen (NASDAQ:PTVE) Sees Unusually-High Trading Volume – Time to Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE) shares saw an uptick in trading volume on Monday . 790,013 shares were traded during mid-day trading, an increase of 36% from the previous session’s volume of 580,108 shares.The stock last traded at $18.01 and had previously closed at $17.96.

Wall Street Analyst Weigh In

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

Pactiv Evergreen Price Performance

The business’s 50-day simple moving average is $17.82 and its two-hundred day simple moving average is $15.26. 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 stock has a market cap of $3.25 billion, a P/E ratio of -19.57, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. AlphaQuest LLC increased its stake in Pactiv Evergreen by 10,155.9% in the 4th quarter. AlphaQuest LLC now owns 3,487 shares of the company’s stock worth $61,000 after acquiring an additional 3,453 shares during the last quarter. Intech Investment Management LLC purchased a new position in Pactiv Evergreen in the 3rd quarter worth approximately $132,000. Blue Trust Inc. raised 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 valued at $139,000 after buying an additional 7,492 shares in the last quarter. State of Wyoming lifted its holdings 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 during the last quarter. Finally, Tidal Investments LLC bought a new position in Pactiv Evergreen in the fourth quarter valued at $177,000. 22.23% of the stock is currently owned by hedge funds and other 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.