Pactiv Evergreen (NASDAQ:PTVE) Hits New 1-Year High – Should You Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $17.89 and last traded at $17.88, with a volume of 128405 shares changing hands. The stock had previously closed at $17.83.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Citigroup reissued a “neutral” rating and issued a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. UBS Group downgraded shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and raised their price target for the stock from $16.00 to $18.00 in a research note on Friday, January 10th. Jefferies Financial Group reissued a “hold” rating and issued a $18.00 price objective (up from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. Finally, Royal Bank of Canada reiterated 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 has an average rating of “Hold” and a consensus target price of $16.80.

Pactiv Evergreen Price Performance

The company has a market cap of $3.23 billion, a PE ratio of -19.43, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24. The firm has a 50 day simple moving average of $17.71 and a 200-day simple moving average of $14.62. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26.

Institutional Trading of Pactiv Evergreen

Large investors have recently added to or reduced their stakes in the stock. CSS LLC IL acquired a new position in shares of Pactiv Evergreen during the 4th quarter valued at about $264,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Pactiv Evergreen by 34.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 105,155 shares of the company’s stock valued at $1,837,000 after purchasing an additional 26,705 shares during the last quarter. Squarepoint Ops LLC boosted its holdings in Pactiv Evergreen by 2,933.4% in the 4th quarter. Squarepoint Ops LLC now owns 359,280 shares of the company’s stock valued at $6,277,000 after purchasing an additional 347,436 shares during the last quarter. Tidal Investments LLC acquired a new stake in shares of Pactiv Evergreen during the 4th quarter worth approximately $177,000. Finally, State of Wyoming raised 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 valued at $158,000 after buying an additional 4,745 shares during the period. 22.23% of the stock is currently 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.