Potbelly Co. (NASDAQ:PBPB) Shares Sold by Soviero Asset Management LP

Soviero Asset Management LP trimmed its stake in Potbelly Co. (NASDAQ:PBPB - Free Report) by 10.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 476,000 shares of the company's stock after selling 54,000 shares during the period. Potbelly comprises 2.8% of Soviero Asset Management LP's holdings, making the stock its 11th biggest holding. Soviero Asset Management LP owned about 1.59% of Potbelly worth $4,484,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. Barclays PLC lifted its position in shares of Potbelly by 247.8% in the 3rd quarter. Barclays PLC now owns 39,780 shares of the company's stock worth $332,000 after purchasing an additional 28,342 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Potbelly by 122.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 67,053 shares of the company's stock worth $559,000 after purchasing an additional 36,930 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Potbelly in the 4th quarter worth approximately $121,000. Hodges Capital Management Inc. lifted its position 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 purchasing an additional 159,900 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Potbelly by 28.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,400 shares of the company's stock worth $124,000 after acquiring an additional 3,000 shares in the last quarter. 72.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PBPB has been the subject of several recent analyst reports. Benchmark reiterated a "buy" rating and set a $16.00 price objective on shares of Potbelly in a research note on Friday, March 7th. StockNews.com lowered shares of Potbelly from a "buy" rating to a "hold" rating in a research note on Friday, May 16th. Finally, William Blair reiterated a "market perform" rating on shares of Potbelly in a research note on Thursday, March 20th.

Insider Activity

In other news, major shareholder David Nierenberg bought 22,169 shares of the firm's stock in a transaction on Friday, March 28th. The shares were bought at an average cost of $9.36 per share, for a total transaction of $207,501.84. Following the acquisition, the insider now directly owns 124,167 shares of the company's stock, valued at $1,162,203.12. This trade represents a 21.73% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 10.20% of the company's stock.

Potbelly Stock Performance

PBPB stock traded down $0.23 during midday trading on Wednesday, hitting $10.01. 152,472 shares of the stock traded hands, compared to its average volume of 214,451. The firm has a market cap of $302.02 million, a P/E ratio of 8.01 and a beta of 1.47. 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 stock's fifty day simple moving average is $9.01 and its 200-day simple moving average is $10.06. Potbelly Co. has a 1-year low of $6.28 and a 1-year high of $13.48.

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.