Potbelly (NASDAQ:PBPB) Cut to “Hold” at StockNews.com

StockNews.com cut shares of Potbelly (NASDAQ:PBPB) from a buy rating to a hold rating in a research note issued to investors on Wednesday.

A number of other research analysts have also issued reports on the company. Benchmark reiterated a “buy” rating and set a $16.00 price target on shares of Potbelly in a research report on Friday, March 7th. William Blair reaffirmed a “market perform” rating on shares of Potbelly in a report on Thursday, March 20th.

Potbelly Stock Performance

PBPB opened at $9.34 on Wednesday. The company has a current ratio of 0.49, a quick ratio of 0.43 and a debt-to-equity ratio of 0.06. The business’s 50 day moving average is $11.38 and its 200-day moving average is $9.83. The stock has a market cap of $279.08 million, a PE ratio of 7.47 and a beta of 1.50. Potbelly has a twelve month low of $6.28 and a twelve month high of $13.48.

Insiders Place Their Bets

In other news, major shareholder David Nierenberg bought 7,600 shares of the stock in a transaction that occurred on Tuesday, January 7th. The shares were purchased at an average cost of $9.23 per share, with a total value of $70,148.00. Following the completion of the acquisition, the insider now directly owns 101,998 shares in the company, valued at approximately $941,441.54. The trade was a 8.05 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 9.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Potbelly

Several large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its stake in Potbelly by 122.6% during the third quarter. JPMorgan Chase & Co. now owns 67,053 shares of the company’s stock valued at $559,000 after purchasing an additional 36,930 shares during the last quarter. Cerity Partners LLC bought a new position in shares of Potbelly in the third quarter valued at $2,332,000. Sanctuary Advisors LLC acquired a new stake in shares of Potbelly during the 4th quarter valued at $520,000. Barclays PLC boosted its stake in shares of Potbelly by 247.8% during the 3rd quarter. Barclays PLC now owns 39,780 shares of the company’s stock worth $332,000 after acquiring an additional 28,342 shares in the last quarter. Finally, Hodges Capital Management Inc. grew its holdings in shares of Potbelly by 42.1% in the 4th quarter. Hodges Capital Management Inc. now owns 539,915 shares of the company’s stock worth $5,086,000 after acquiring an additional 159,900 shares during the last quarter. Institutional investors own 72.60% of the company’s stock.

Potbelly Company Profile

Potbelly Corporation, through its subsidiaries, owns, operates, and franchises Potbelly sandwich shops in the United States. The company was formerly known as Potbelly Sandwich Works, Inc and changed its name to Potbelly Corporation in 2002. Potbelly Corporation was founded in 1977 and is headquartered in Chicago, Illinois.