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

Pactiv Evergreen Inc. (NASDAQ:PTVE) hit a new 52-week high during trading on Monday . The company traded as high as $17.90 and last traded at $17.90, with a volume of 75283 shares. The stock had previously closed at $17.88.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PTVE shares. Citigroup reiterated a “neutral” rating and set a $18.00 price target (up from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. 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 report on Thursday, December 19th. 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 report on Wednesday, December 18th. Finally, UBS Group cut shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and raised their target price for the stock from $16.00 to $18.00 in a research report on Friday, January 10th. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, Pactiv Evergreen has an average rating of “Hold” and an average price target of $16.80.

Pactiv Evergreen Price Performance

The company’s 50-day moving average is $17.76 and its 200-day moving average is $14.89. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.93 and a quick ratio of 1.04. The firm has a market capitalization of $3.23 billion, a price-to-earnings ratio of -19.46, a PEG ratio of 1.47 and a beta of 1.24.

Institutional Investors Weigh In On Pactiv Evergreen

Several large investors have recently made changes to their positions in the business. AlphaQuest LLC lifted its holdings 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 valued at $61,000 after acquiring 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 valued at $132,000. Blue Trust Inc. lifted its holdings 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 acquiring 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 valued at $158,000 after acquiring an additional 4,745 shares in the last quarter. Finally, Tidal Investments LLC acquired a new position in shares of Pactiv Evergreen during the 4th quarter valued at $177,000. 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.