Potbelly (NASDAQ:PBPB) Hits New 52-Week High - Here's What Happened

Key Points

• Pitbelly's shares reached a new 52-week high of $17.06 in mid-day trading, closing slightly lower at $17.04 with a trading volume of 825,053 shares.
• Several analysts downgraded Potbelly's rating from "buy" to "hold," with target prices ranging from $17.12 to $18.00, indicating a cautious outlook for the stock.
• The company reported Q2 earnings of $0.09 per share, surpassing analysts' expectations of $0.08, and showing revenues of $123.71 million against a consensus estimate of $122.65 million.

Shares of Potbelly Corporation (NASDAQ:PBPB - Get Free Report) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $17.06 and last traded at $17.04, with a volume of 825053 shares trading hands. The stock had previously closed at $17.01.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Benchmark downgraded shares of Potbelly from a "buy" rating to a "hold" rating and set a $18.00 price objective for the company. in a research report on Friday, September 12th. Lake Street Capital downgraded shares of Potbelly from a "buy" rating to a "hold" rating and increased their price objective for the company from $15.00 to $17.12 in a research report on Thursday, September 11th. Finally, Craig Hallum lowered shares of Potbelly from a "strong-buy" rating to a "hold" rating and set a $17.12 price target for the company. in a report on Wednesday, September 10th. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $17.41.

Potbelly Trading Up 0.2%

The stock has a market cap of $515.63 million, a price-to-earnings ratio of 48.69 and a beta of 1.50. The business has a 50 day simple moving average of $13.47 and a two-hundred day simple moving average of $11.26.

Potbelly (NASDAQ:PBPB - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.09 earnings per share for the quarter, topping analysts' consensus estimates of $0.08 by $0.01. Potbelly had a net margin of 2.30% and a return on equity of 16.31%. The business had revenue of $123.71 million during the quarter, compared to the consensus estimate of $122.65 million. Research analysts anticipate that Potbelly Corporation will post 0.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Potbelly

A number of hedge funds have recently bought and sold shares of the company. Monimus Capital Management LP grew its stake in Potbelly by 32.6% in the second quarter. Monimus Capital Management LP now owns 671,095 shares of the company's stock worth $8,221,000 after purchasing an additional 165,151 shares in the last quarter. Next Century Growth Investors LLC grew its position in shares of Potbelly by 298.3% in the 1st quarter. Next Century Growth Investors LLC now owns 618,591 shares of the company's stock worth $5,883,000 after acquiring an additional 463,275 shares in the last quarter. Archon Capital Management LLC grew its position in shares of Potbelly by 3.4% in the 2nd quarter. Archon Capital Management LLC now owns 546,417 shares of the company's stock worth $6,694,000 after acquiring an additional 18,000 shares in the last quarter. American Century Companies Inc. grew its position in shares of Potbelly by 21.9% in the 2nd quarter. American Century Companies Inc. now owns 471,237 shares of the company's stock worth $5,773,000 after acquiring an additional 84,807 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in Potbelly by 31.9% in the second quarter. Arrowstreet Capital Limited Partnership now owns 445,780 shares of the company's stock worth $5,461,000 after purchasing an additional 107,847 shares during the period. 72.60% of the stock is currently owned by institutional investors and hedge funds.

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.

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