Potbelly Corporation (NASDAQ:PBPB) Shares Sold by Heartland Advisors Inc.

Key Points

• Heartland Advisors Inc. reduced its stake in Potbelly Corporation by 17.0% during the first quarter, owning approximately 2.54% of the company with holdings valued at $7.29 million.
• Several institutional investors have shown interest in Potbelly, with GAMMA Investing LLC increasing its stake by 2,637.9% and Wells Fargo lifting its holdings by 50.6%.
• Wall Street analysts have mixed views, with some upgrading their price targets while others, like Wall Street Zen, have downgraded Potbelly from a "buy" to a "hold" rating.

Heartland Advisors Inc. cut its stake in shares of Potbelly Corporation (NASDAQ:PBPB - Free Report) by 17.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 766,700 shares of the company's stock after selling 157,250 shares during the quarter. Heartland Advisors Inc. owned about 2.54% of Potbelly worth $7,291,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Aquatic Capital Management LLC acquired a new position in shares of Potbelly during the 4th quarter worth $27,000. State of Wyoming boosted its position in shares of Potbelly by 14.3% in the 4th quarter. State of Wyoming now owns 7,012 shares of the company's stock worth $66,000 after buying an additional 876 shares in the last quarter. Price T Rowe Associates Inc. MD purchased a new stake in shares of Potbelly in the 4th quarter worth about $98,000. Wells Fargo & Company MN boosted its position in shares of Potbelly by 50.6% in the 4th quarter. Wells Fargo & Company MN now owns 12,883 shares of the company's stock worth $121,000 after buying an additional 4,328 shares in the last quarter. Finally, Divisadero Street Capital Management LP purchased a new stake in shares of Potbelly in the 4th quarter worth about $160,000. 72.60% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on PBPB shares. Benchmark boosted their price objective on shares of Potbelly from $16.00 to $17.00 and gave the stock a "buy" rating in a research report on Wednesday, June 18th. Wall Street Zen lowered shares of Potbelly from a "buy" rating to a "hold" rating in a report on Friday, May 16th.

Potbelly Trading Down 3.5%

Shares of PBPB stock traded down $0.44 during trading hours on Monday, hitting $12.12. 186,694 shares of the company were exchanged, compared to its average volume of 254,806. The firm has a market cap of $365.66 million, a PE ratio of 8.66 and a beta of 1.69. Potbelly Corporation has a 1 year low of $6.28 and a 1 year high of $13.48. The company has a quick ratio of 0.48, a current ratio of 0.53 and a debt-to-equity ratio of 0.08. The firm has a fifty day moving average of $11.63 and a 200 day moving average of $10.76.

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.