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 fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 476,000 shares of the company's stock after selling 54,000 shares during the quarter. Potbelly comprises 2.8% of Soviero Asset Management LP's portfolio, making the stock its 11th largest position. Soviero Asset Management LP owned about 1.59% of Potbelly worth $4,484,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Aquatic Capital Management LLC acquired a new position in Potbelly during the fourth quarter valued at approximately $27,000. State of Wyoming lifted its position in Potbelly by 14.3% during the fourth quarter. State of Wyoming now owns 7,012 shares of the company's stock valued at $66,000 after buying an additional 876 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new position in Potbelly during the fourth quarter valued at approximately $98,000. SG Americas Securities LLC acquired a new position in Potbelly during the fourth quarter valued at approximately $121,000. Finally, Wells Fargo & Company MN lifted its position in Potbelly by 50.6% during the fourth quarter. Wells Fargo & Company MN now owns 12,883 shares of the company's stock valued at $121,000 after buying an additional 4,328 shares in the last quarter. 72.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on PBPB shares. Wall Street Zen cut shares of Potbelly from a "buy" rating to a "hold" rating in a research report on Friday, May 16th. Benchmark reaffirmed a "buy" rating and set a $16.00 price target on shares of Potbelly in a research report on Friday, March 7th. Finally, William Blair reissued a "market perform" rating on shares of Potbelly in a research report on Thursday, March 20th.

Potbelly Stock Down 0.6%

Shares of NASDAQ PBPB traded down $0.06 during trading on Friday, reaching $9.88. 94,352 shares of the stock were exchanged, compared to its average volume of 213,867. The business's 50-day moving average price is $9.03 and its 200 day moving average price is $10.09. Potbelly Co. has a twelve month low of $6.28 and a twelve month high of $13.48. The company has a quick ratio of 0.43, a current ratio of 0.49 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $298.10 million, a price-to-earnings ratio of 7.90 and a beta of 1.47.

Insider Transactions at Potbelly

In other news, major shareholder David Nierenberg bought 22,169 shares of Potbelly stock in a transaction dated Friday, March 28th. The shares were acquired at an average cost 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 in the company, valued at approximately $1,162,203.12. This trade represents a 21.73% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 10.20% of the company's stock.

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.