Potbelly (NASDAQ:PBPB) Sees Unusually-High Trading Volume - Here's What Happened

Key Points

• Potbelly Corporation (NASDAQ:PBPB) experienced a significant rise in trading volume, with approximately 854,031 shares exchanged, marking a 101% increase from the previous session.
• Equities analysts have downgraded Potbelly's stock rating to "hold" from "strong-buy" or "buy," with price targets ranging from $17.12 to $18.00.
• Institutional investors hold 72.60% of Potbelly's stock, with notable increases in shares by firms like Next Century Growth Investors and American Century Companies.

Shares of Potbelly Corporation (NASDAQ:PBPB - Get Free Report) saw unusually-high trading volume on Wednesday . Approximately 854,031 shares were traded during mid-day trading, an increase of 101% from the previous session's volume of 425,479 shares.The stock last traded at $17.02 and had previously closed at $17.00.

Analysts Set New Price Targets

PBPB has been the topic of several recent research reports. Craig Hallum cut Potbelly from a "strong-buy" rating to a "hold" rating and set a $17.12 price objective on the stock. in a research report on Wednesday, September 10th. Benchmark cut Potbelly from a "buy" rating to a "hold" rating and set a $18.00 price objective on the stock. in a research report on Friday, September 12th. Finally, Lake Street Capital cut Potbelly from a "buy" rating to a "hold" rating and increased their price objective for the stock from $15.00 to $17.12 in a research report on Thursday, September 11th. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $17.41.

Potbelly Price Performance

The company has a fifty day moving average price of $13.21 and a two-hundred day moving average price of $11.13. The company has a market capitalization of $514.72 million, a P/E ratio of 48.60 and a beta of 1.50.

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

Institutional Investors Weigh In On Potbelly

Several large investors have recently made changes to their positions in the business. Northern Trust Corp grew its stake in shares of Potbelly by 2.8% during the 4th quarter. Northern Trust Corp now owns 223,751 shares of the company's stock worth $2,108,000 after acquiring an additional 6,013 shares during the period. Bank of America Corp DE grew its stake in shares of Potbelly by 10.5% during the 4th quarter. Bank of America Corp DE now owns 25,491 shares of the company's stock worth $240,000 after acquiring an additional 2,418 shares during the period. Deutsche Bank AG grew its stake in shares of Potbelly by 35.8% during the 4th quarter. Deutsche Bank AG now owns 24,997 shares of the company's stock worth $235,000 after acquiring an additional 6,594 shares during the period. State of Wyoming boosted its stake in Potbelly by 14.3% in the 4th quarter. State of Wyoming now owns 7,012 shares of the company's stock worth $66,000 after purchasing an additional 876 shares during the period. Finally, GAMMA Investing LLC boosted its stake in Potbelly by 2,637.9% in the 1st quarter. GAMMA Investing LLC now owns 7,009 shares of the company's stock worth $737,000 after purchasing an additional 6,753 shares during the period. 72.60% of the stock is owned by hedge funds and other institutional investors.

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.