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

Key Points

• Potbelly Corporation experienced a significant increase in trading volume, with approximately 583,487 shares traded on Thursday, marking a 61% rise from the previous session.
• Several analysts weighed in on Potbelly, with a downgrade from buy to hold by Wall Street Zen and an upgraded price target from $17.00 to $18.00 by Benchmark.
• The company's recent earnings report showed a quarterly net income of $0.09 per share, exceeding expectations and indicating positive revenue growth.

Potbelly Corporation (NASDAQ:PBPB - Get Free Report) saw unusually-high trading volume on Thursday . Approximately 583,487 shares changed hands during trading, an increase of 61% from the previous session's volume of 363,426 shares.The stock last traded at $17.02 and had previously closed at $16.98.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PBPB shares. Wall Street Zen downgraded Potbelly from a "buy" rating to a "hold" rating in a research note on Friday, May 16th. Benchmark lifted their price target on Potbelly from $17.00 to $18.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Lake Street Capital reiterated a "hold" rating and issued a $17.12 price objective (up previously from $15.00) on shares of Potbelly in a research report on Thursday. Finally, Craig Hallum set a $17.12 target price on Potbelly and gave the company a "hold" rating in a research note on Wednesday. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $17.41.

Potbelly Stock Up 0.1%

The business has a fifty day simple moving average of $12.60 and a two-hundred day simple moving average of $10.90. The company has a market cap of $514.57 million, a P/E ratio of 48.59 and a beta of 1.50.

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, beating the consensus estimate of $0.08 by $0.01. The business had revenue of $123.71 million during 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%. On average, equities analysts predict that Potbelly Corporation will post 0.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Potbelly

Hedge funds have recently bought and sold shares of the business. State of Wyoming raised its position in Potbelly by 14.3% during the 4th quarter. State of Wyoming now owns 7,012 shares of the company's stock valued at $66,000 after purchasing an additional 876 shares in the last quarter. BNP Paribas Financial Markets grew its stake in Potbelly by 53.4% during 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 during the last quarter. Tectonic Advisors LLC boosted its stake in shares of Potbelly by 1.2% in the second quarter. Tectonic Advisors LLC now owns 89,004 shares of the company's stock worth $1,090,000 after buying an additional 1,039 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Potbelly by 2.6% in the first quarter. Bank of New York Mellon Corp now owns 66,000 shares of the company's stock worth $628,000 after buying an additional 1,662 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of Potbelly by 5.7% in the first quarter. Rhumbline Advisers now owns 38,872 shares of the company's stock worth $370,000 after buying an additional 2,108 shares during the last quarter. 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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