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 report published on Friday morning.

PBPB has been the topic of a number of other research reports. Benchmark reaffirmed a “buy” rating and issued a $16.00 price target on shares of Potbelly in a research note on Friday, March 7th. William Blair reiterated a “market perform” rating on shares of Potbelly in a report on Thursday, March 20th.

Potbelly Trading Down 0.1%

NASDAQ PBPB opened at $10.23 on Friday. Potbelly has a one year low of $6.28 and a one year high of $13.48. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.49 and a quick ratio of 0.43. The firm has a market cap of $308.66 million, a P/E ratio of 8.18 and a beta of 1.47. The stock’s 50-day moving average is $8.97 and its 200-day moving average is $10.04.

Insider Activity

In other news, major shareholder David Nierenberg bought 22,169 shares of the firm’s stock in a transaction dated Friday, March 28th. The shares were bought at an average price of $9.36 per share, with a total value of $207,501.84. Following the completion of the transaction, the insider now owns 124,167 shares of the company’s stock, valued at $1,162,203.12. This trade represents a 21.73% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 10.20% of the company’s stock.

Institutional Investors Weigh In On Potbelly

Hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. grew its position in Potbelly by 122.6% during the third quarter. JPMorgan Chase & Co. now owns 67,053 shares of the company’s stock worth $559,000 after buying an additional 36,930 shares in the last quarter. Portolan Capital Management LLC grew its holdings in shares of Potbelly by 9.3% during the 4th quarter. Portolan Capital Management LLC now owns 986,277 shares of the company’s stock worth $9,291,000 after purchasing an additional 83,748 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Potbelly during the 4th quarter worth $520,000. Barclays PLC raised its stake in Potbelly by 247.8% in the third quarter. Barclays PLC now owns 39,780 shares of the company’s stock valued at $332,000 after purchasing an additional 28,342 shares in the last quarter. Finally, Hodges Capital Management Inc. lifted its position in Potbelly by 42.1% during the fourth quarter. Hodges Capital Management Inc. now owns 539,915 shares of the company’s stock worth $5,086,000 after purchasing an additional 159,900 shares during the period. Institutional investors and hedge funds 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.