Potbelly (NASDAQ:PBPB) Hits New 1-Year High - Here's What Happened

Key Points

• Potbelly Corporation's stock reached a new 52-week high at $17.09 during trading, closing at $17.07, with a trading volume of 179,196 shares.
• Several analysts have downgraded Potbelly's stock rating from "buy" to "hold," with an average price target of $17.41.
• The company reported earnings of $0.09 per share, which surprised analysts by beating the consensus estimate of $0.08; total revenue for the quarter was $123.71 million.

Potbelly Corporation (NASDAQ:PBPB - Get Free Report)'s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $17.09 and last traded at $17.07, with a volume of 179196 shares traded. The stock had previously closed at $17.08.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PBPB. Lake Street Capital downgraded shares of Potbelly from a "buy" rating to a "hold" rating and upped their price objective for the company from $15.00 to $17.12 in a research note on Thursday, September 11th. Benchmark cut Potbelly from a "buy" rating to a "hold" rating and set a $18.00 target price for the company. in a research report on Friday, September 12th. Weiss Ratings restated a "hold (c)" rating on shares of Potbelly in a research note on Saturday, September 27th. Finally, Craig Hallum cut Potbelly from a "strong-buy" rating to a "hold" rating and set a $17.12 price objective for the company. in a research note on Wednesday, September 10th. Five investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Potbelly has a consensus rating of "Hold" and an average price target of $17.41.

Potbelly Trading Down 0.1%

The company has a 50 day simple moving average of $14.19 and a 200 day simple moving average of $11.71. The stock has a market capitalization of $516.54 million, a PE ratio of 48.77 and a beta of 1.52.

Potbelly (NASDAQ:PBPB - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01. The company had revenue of $123.71 million for the quarter, compared to the consensus estimate of $122.65 million. Potbelly had a return on equity of 16.31% and a net margin of 2.30%. On average, equities research analysts predict that Potbelly Corporation will post 0.24 EPS for the current year.

Hedge Funds Weigh In On Potbelly

Large investors have recently bought and sold shares of the company. GatePass Capital LLC boosted its holdings in shares of Potbelly by 61.7% in the second quarter. GatePass Capital LLC now owns 65,486 shares of the company's stock valued at $802,000 after acquiring an additional 25,000 shares in the last quarter. Squarepoint Ops LLC raised its holdings in Potbelly by 166.9% during the second quarter. Squarepoint Ops LLC now owns 73,169 shares of the company's stock worth $896,000 after purchasing an additional 45,757 shares in the last quarter. Northern Right Capital Management L.P. acquired a new stake in Potbelly in the second quarter valued at about $590,000. Monimus Capital Management LP boosted its holdings in Potbelly by 32.6% in the 2nd quarter. Monimus Capital Management LP now owns 671,095 shares of the company's stock valued at $8,221,000 after purchasing an additional 165,151 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in Potbelly by 53.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,532 shares of the company's stock valued at $31,000 after purchasing an additional 881 shares in the last quarter. Hedge funds and other institutional investors 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.

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