Potbelly (NASDAQ:PBPB) Hits New 12-Month High - Time to Buy?

Key Points

• Potbelly Corporation's share price reached a new 52-week high of $17.10, indicating a strong demand for its stock.
• Analysts have set a consensus rating of "Hold" for Potbelly, with an average target price of $17.41 following several downgrades from "buy" ratings.
• Institutional investors have increasingly shown interest, with Assenagon Asset Management boosting its stake by 209.3% in the last quarter.

Potbelly Corporation (NASDAQ:PBPB - Get Free Report)'s share price hit a new 52-week high during trading on Monday . The stock traded as high as $17.10 and last traded at $17.10, with a volume of 11372 shares trading hands. The stock had previously closed at $17.07.

Analysts Set New Price Targets

PBPB has been the subject of several research analyst reports. Weiss Ratings reissued a "hold (c)" rating on shares of Potbelly in a report on Wednesday, October 8th. Lake Street Capital cut shares of Potbelly from a "buy" rating to a "hold" rating and boosted their price objective for the company from $15.00 to $17.12 in a research report on Thursday, September 11th. Benchmark lowered shares of Potbelly from a "buy" rating to a "hold" rating and set a $18.00 price target on the stock. in a research note on Friday, September 12th. Finally, Craig Hallum lowered shares of Potbelly from a "strong-buy" rating to a "hold" rating and set a $17.12 price target on the stock. in a research note on Wednesday, September 10th. Five equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $17.41.

Potbelly Stock Performance

The stock has a market cap of $517.29 million, a P/E ratio of 48.84 and a beta of 1.52. The business has a 50 day simple moving average of $14.60 and a 200-day simple moving average of $11.92.

Potbelly (NASDAQ:PBPB - Get Free Report) last posted its earnings results on Monday, January 9th. The company reported ($0.05) earnings per share (EPS) for the quarter. Potbelly had a return on equity of 16.31% and a net margin of 2.30%.The business had revenue of $101.69 million during the quarter. Potbelly has set its Q4 2022 guidance at EPS. On average, sell-side analysts predict that Potbelly Corporation will post 0.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. increased its position in Potbelly by 209.3% during the third quarter. Assenagon Asset Management S.A. now owns 188,560 shares of the company's stock valued at $3,213,000 after acquiring an additional 127,588 shares during the last quarter. GatePass Capital LLC boosted its holdings in Potbelly by 61.7% in the second quarter. GatePass Capital LLC now owns 65,486 shares of the company's stock worth $802,000 after acquiring an additional 25,000 shares in the last quarter. Squarepoint Ops LLC raised its stake in shares of Potbelly by 166.9% in 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 during the last quarter. Northern Right Capital Management L.P. purchased a new position in shares of Potbelly in the second quarter worth about $590,000. Finally, Monimus Capital Management LP grew its holdings in Potbelly by 32.6% in the second 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 during the period. 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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