Potbelly (NASDAQ:PBPB) Hits New 1-Year High - Here's Why

Key Points

• Potbelly Corporation (NASDAQ:PBPB) reached a new 52-week high of $17.03, up from the previous close of $12.93, with a trading volume of nearly 4.67 million shares.
• Analyst ratings are mixed: Benchmark upgraded the stock to a "buy" with a target price of $18.00, while Wall Street Zen downgraded it to a "hold" rating.
• Potbelly reported earnings of $0.09 per share for the last quarter, exceeding estimates, and demonstrated a revenue of $123.71 million, outperforming analyst predictions.

Potbelly Corporation (NASDAQ:PBPB - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $17.01 and last traded at $17.03, with a volume of 4679745 shares trading hands. The stock had previously closed at $12.93.

Analyst Upgrades and Downgrades

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

Potbelly Price Performance

The company has a market capitalization of $514.89 million, a price-to-earnings ratio of 48.62 and a beta of 1.50. The firm has a 50-day moving average price of $12.77 and a two-hundred day moving average price of $10.95.

Potbelly (NASDAQ:PBPB - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01. The company 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 year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Monimus Capital Management LP raised its holdings in Potbelly by 32.6% during the second quarter. Monimus Capital Management LP now owns 671,095 shares of the company's stock worth $8,221,000 after acquiring an additional 165,151 shares in the last quarter. Next Century Growth Investors LLC raised its holdings in Potbelly by 298.3% during the first 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 raised its holdings in Potbelly by 3.4% during the second 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. raised its holdings in Potbelly by 21.9% during the second 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 raised its holdings in Potbelly by 31.9% during the second quarter. Arrowstreet Capital Limited Partnership now owns 445,780 shares of the company's stock worth $5,461,000 after acquiring an additional 107,847 shares in the last quarter. 72.60% of the stock is owned by institutional investors and hedge funds.

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.