Pactiv Evergreen Inc. (NASDAQ:PTVE) Sees Large Drop in Short Interest

Pactiv Evergreen Inc. (NASDAQ:PTVE) was the recipient of a significant decrease in short interest in the month of March. As of March 15th, there was short interest totalling 1,000,000 shares, a decrease of 20.0% from the February 28th total of 1,250,000 shares. Currently, 2.5% of the shares of the company are sold short. Based on an average daily volume of 744,200 shares, the days-to-cover ratio is currently 1.3 days.

Institutional Trading of Pactiv Evergreen

A number of hedge funds have recently modified their holdings of the company. Magnetar Financial LLC acquired a new position in shares of Pactiv Evergreen in the fourth quarter valued at $53,645,000. TIG Advisors LLC acquired a new position in shares of Pactiv Evergreen in the 4th quarter valued at $44,120,000. Westchester Capital Management LLC bought a new position in shares of Pactiv Evergreen during the 4th quarter worth about $30,149,000. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Pactiv Evergreen during the 4th quarter valued at about $22,476,000. Finally, Hsbc Holdings PLC boosted its position in shares of Pactiv Evergreen by 7,831.6% during the 4th quarter. Hsbc Holdings PLC now owns 1,079,488 shares of the company’s stock valued at $18,918,000 after acquiring an additional 1,065,878 shares in the last quarter. Institutional investors own 22.23% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. UBS Group cut shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $16.00 to $18.00 in a research note on Friday, January 10th. Citigroup reissued a “neutral” rating and set a $18.00 target price (up previously from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Jefferies Financial Group reiterated a “hold” rating and issued a $18.00 price objective (up from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Finally, 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 note on Thursday, December 19th. Five research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $16.80.

Pactiv Evergreen Price Performance

Shares of PTVE opened at $17.96 on Monday. Pactiv Evergreen has a 52 week low of $8.83 and a 52 week high of $17.98. The firm has a market capitalization of $3.24 billion, a P/E ratio of -19.52, a P/E/G ratio of 1.47 and a beta of 1.24. The company has a 50-day simple moving average of $17.82 and a 200-day simple moving average of $15.26. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93.

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.