Potbelly (NASDAQ:PBPB) Reaches New 52-Week High - Here's Why

Key Points

• Potbelly Corporation's stock reached a new 52-week high of $17.07 during trading, closing at $17.06 with a trading volume of 172,310 shares.
• Several analysts have downgraded Potbelly's stock ratings to "hold," with price targets ranging from $17.12 to $18.00, reflecting a cautious outlook.
• Recent changes in institutional investor positions show significant increases in holdings, with 72.60% of the stock now owned by such investors.

Potbelly Corporation (NASDAQ:PBPB - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $17.07 and last traded at $17.06, with a volume of 172310 shares traded. The stock had previously closed at $17.04.

Wall Street Analysts Forecast Growth

PBPB has been the subject of a number of research reports. Craig Hallum downgraded Potbelly from a "strong-buy" rating to a "hold" rating and set a $17.12 price target for the company. in a research note on Wednesday, September 10th. Benchmark downgraded Potbelly from a "buy" rating to a "hold" rating and set a $18.00 price target for the company. in a research note on Friday, September 12th. Finally, Lake Street Capital downgraded Potbelly from a "buy" rating to a "hold" rating and lifted their price target for the stock from $15.00 to $17.12 in a research note on Thursday, September 11th. Four investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $17.41.

Potbelly Stock Up 0.0%

The stock has a 50 day simple moving average of $13.83 and a 200 day simple moving average of $11.48. The company has a market capitalization of $515.78 million, a price-to-earnings ratio of 48.70 and a beta of 1.50.

Potbelly (NASDAQ:PBPB - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.01. The business had revenue of $123.71 million during 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%. As a group, analysts forecast that Potbelly Corporation will post 0.24 EPS for the current year.

Hedge Funds Weigh In On Potbelly

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE raised its holdings in Potbelly by 10.5% during the fourth quarter. Bank of America Corp DE now owns 25,491 shares of the company's stock worth $240,000 after purchasing an additional 2,418 shares in the last quarter. GAMMA Investing LLC raised its holdings in Potbelly by 2,637.9% during the first quarter. GAMMA Investing LLC now owns 7,009 shares of the company's stock worth $737,000 after purchasing an additional 6,753 shares in the last quarter. Rhumbline Advisers raised its holdings in Potbelly by 5.7% during the first quarter. Rhumbline Advisers now owns 38,872 shares of the company's stock worth $370,000 after purchasing an additional 2,108 shares in the last quarter. Oppenheimer Asset Management Inc. raised its holdings in Potbelly by 27.2% during the first quarter. Oppenheimer Asset Management Inc. now owns 20,945 shares of the company's stock worth $199,000 after purchasing an additional 4,473 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Potbelly by 2.6% during the first quarter. Bank of New York Mellon Corp now owns 66,000 shares of the company's stock worth $628,000 after purchasing an additional 1,662 shares in the last quarter. 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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