Potbelly (NASDAQ:PBPB) Downgraded to Hold Rating by StockNews.com

StockNews.com lowered shares of Potbelly (NASDAQ:PBPB) from a buy rating to a hold rating in a research report report published on Wednesday.

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

Potbelly Price Performance

NASDAQ:PBPB opened at $9.41 on Wednesday. The firm has a market cap of $281.17 million, a PE ratio of 7.53 and a beta of 1.50. The company’s 50-day moving average price is $11.42 and its two-hundred day moving average price is $9.82. The company has a quick ratio of 0.43, a current ratio of 0.49 and a debt-to-equity ratio of 0.06. Potbelly has a 12 month low of $6.28 and a 12 month high of $13.48.

Insider Activity at Potbelly

In other news, major shareholder David Nierenberg acquired 7,600 shares of the firm’s stock in a transaction on Tuesday, January 7th. The shares were purchased at an average cost of $9.23 per share, for a total transaction of $70,148.00. Following the transaction, the insider now owns 101,998 shares of the company’s stock, valued at approximately $941,441.54. This represents a 8.05 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 9.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Potbelly

Large investors have recently made changes to their positions in the company. Victory Capital Management Inc. increased its position in Potbelly by 51.9% in the third quarter. Victory Capital Management Inc. now owns 101,039 shares of the company’s stock worth $843,000 after purchasing an additional 34,539 shares during the period. Cerity Partners LLC acquired a new stake in shares of Potbelly during the 3rd quarter worth approximately $2,332,000. FMR LLC raised its stake in shares of Potbelly by 1,101.9% during the third quarter. FMR LLC now owns 8,678 shares of the company’s stock worth $72,000 after buying an additional 7,956 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in Potbelly by 177.2% in the third quarter. BNP Paribas Financial Markets now owns 34,978 shares of the company’s stock valued at $292,000 after buying an additional 22,359 shares during the period. Finally, Portolan Capital Management LLC lifted its holdings in Potbelly by 21.7% in the third quarter. Portolan Capital Management LLC now owns 902,529 shares of the company’s stock valued at $7,527,000 after buying an additional 160,763 shares during the period. Institutional investors and hedge funds own 72.60% of the company’s stock.

About Potbelly

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.