Essex Investment Management Co. LLC Invests $2.11 Million in Potbelly Corporation (NASDAQ:PBPB)

Key Points

• Essex Investment Management Co. LLC acquired 221,902 shares of Potbelly Corporation for approximately $2.11 million, representing a 0.74% ownership in the company.
• In the fourth quarter, multiple institutional investors, including Portolan Capital Management and JPMorgan Chase, significantly increased their stakes in Potbelly, with increases ranging from 9.3% to 758.4%.
• Analysts have differing views on Potbelly's stock, with Benchmark raising its price target to $17.00 while Wall Street Zen downgraded its rating from "buy" to "hold".

Essex Investment Management Co. LLC acquired a new stake in Potbelly Corporation (NASDAQ:PBPB - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 221,902 shares of the company's stock, valued at approximately $2,110,000. Essex Investment Management Co. LLC owned approximately 0.74% of Potbelly at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Aquatic Capital Management LLC bought a new stake in Potbelly during the 4th quarter worth about $27,000. GAMMA Investing LLC increased its stake in shares of Potbelly by 2,637.9% during the 1st quarter. GAMMA Investing LLC now owns 7,009 shares of the company's stock worth $737,000 after purchasing an additional 6,753 shares during the last quarter. State of Wyoming increased its stake in shares of Potbelly by 14.3% during the 4th quarter. State of Wyoming now owns 7,012 shares of the company's stock worth $66,000 after purchasing an additional 876 shares during the last quarter. Price T Rowe Associates Inc. MD acquired a new position in shares of Potbelly during the 4th quarter worth about $98,000. Finally, Wells Fargo & Company MN increased its stake in shares of Potbelly by 50.6% during the 4th quarter. Wells Fargo & Company MN now owns 12,883 shares of the company's stock worth $121,000 after purchasing an additional 4,328 shares during the last quarter. 72.60% of the stock is owned by institutional investors.

Potbelly Stock Performance

NASDAQ PBPB traded down $0.20 during trading on Tuesday, reaching $11.92. The company's stock had a trading volume of 272,013 shares, compared to its average volume of 224,030. The firm has a 50 day moving average price of $11.63 and a 200 day moving average price of $10.76. Potbelly Corporation has a 12 month low of $6.28 and a 12 month high of $13.48. The company has a current ratio of 0.53, a quick ratio of 0.48 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $359.63 million, a price-to-earnings ratio of 8.51 and a beta of 1.69.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PBPB shares. Wall Street Zen lowered shares of Potbelly from a "buy" rating to a "hold" rating in a research note on Friday, May 16th. Benchmark upped their price target on shares of Potbelly from $16.00 to $17.00 and gave the company a "buy" rating in a research note on Wednesday, June 18th.

Potbelly 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.