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

Pactiv Evergreen Inc. (NASDAQ:PTVE) shares saw unusually-strong trading volume on Monday . Approximately 790,013 shares traded hands 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.

Analysts Set New Price Targets

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

Pactiv Evergreen Stock Performance

The company has a 50 day simple moving average of $17.82 and a 200 day simple moving average of $15.26. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of -19.57, a P/E/G ratio of 1.47 and a beta of 1.24. 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 Investors Weigh In On Pactiv Evergreen

Institutional investors and hedge funds have recently made changes to their positions in the stock. Intech Investment Management LLC bought a new position in Pactiv Evergreen during the third quarter worth $132,000. Charles Schwab Investment Management Inc. lifted its stake in shares of 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 purchasing an additional 16,029 shares during the period. Verition Fund Management LLC bought a new stake in shares of Pactiv Evergreen during the 3rd quarter valued at about $215,000. Paloma Partners Management Co bought a new stake in Pactiv Evergreen in the third quarter worth approximately $178,000. Finally, Clearline Capital LP lifted its stake in Pactiv Evergreen by 15.6% in the third quarter. Clearline Capital LP now owns 167,558 shares of the company’s stock valued at $1,929,000 after buying an additional 22,569 shares during the period. Institutional investors and hedge funds 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.