Potbelly (NASDAQ:PBPB) Price Target Raised to $17.00

Potbelly (NASDAQ:PBPB - Free Report) had its price objective lifted by Benchmark from $16.00 to $17.00 in a report released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts also recently issued reports about the company. Wall Street Zen downgraded Potbelly from a "buy" rating to a "hold" rating in a research note on Friday, May 16th. William Blair reissued a "market perform" rating on shares of Potbelly in a research note on Thursday, March 20th.

Potbelly Trading Up 1.6%

PBPB traded up $0.18 during midday trading on Wednesday, hitting $11.52. 331,332 shares of the company were exchanged, compared to its average volume of 213,409. The firm has a market capitalization of $347.58 million, a P/E ratio of 8.23 and a beta of 1.68. Potbelly has a 1-year low of $6.28 and a 1-year high of $13.48. The firm's 50 day moving average price is $9.72 and its 200-day moving average price is $10.21. The company has a quick ratio of 0.48, a current ratio of 0.53 and a debt-to-equity ratio of 0.08.

Insider Activity

In other news, major shareholder David Nierenberg acquired 22,169 shares of Potbelly stock in a transaction on Friday, March 28th. The stock was acquired at an average cost of $9.36 per share, with a total value of $207,501.84. Following the completion of the acquisition, the insider now owns 124,167 shares in the company, valued at approximately $1,162,203.12. This trade represents a 21.73% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 10.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Potbelly

A number of institutional investors have recently added to or reduced their stakes in the business. State of Wyoming increased its position in shares of 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 during the last quarter. Bank of New York Mellon Corp increased its position in shares of Potbelly by 2.6% during the 1st quarter. Bank of New York Mellon Corp now owns 66,000 shares of the company's stock valued at $628,000 after purchasing an additional 1,662 shares during the last quarter. Rhumbline Advisers increased its position in shares of Potbelly by 5.7% during the 1st quarter. Rhumbline Advisers now owns 38,872 shares of the company's stock valued at $370,000 after purchasing an additional 2,108 shares during the last quarter. Boston Partners increased its position in shares of Potbelly by 4.1% during the 1st quarter. Boston Partners now owns 54,966 shares of the company's stock valued at $523,000 after purchasing an additional 2,153 shares during the last quarter. Finally, Bank of America Corp DE increased its position 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 valued at $240,000 after purchasing an additional 2,418 shares during the last quarter. 72.60% of the stock is currently owned by institutional investors.

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.