Potbelly (NASDAQ:PBPB) Downgraded to "Hold" Rating by Benchmark

Key Points

• Benchmark analysts have reaffirmed a "hold" rating for Potbelly (PBPB), setting a target price of $18.00, which suggests a potential upside of 5.79% from the last close.
• Several analysts have recently downgraded Potbelly's stock rating from "buy" to "hold", reflecting a consensus rating of Hold and an average price target of $17.41.
• Potbelly reported earnings of $0.09 EPS for the last quarter, surpassing expectations, with revenue slightly above analyst estimates at $123.71 million.

Benchmark downgraded shares of Potbelly (NASDAQ:PBPB - Free Report) from a buy rating to a hold rating in a research report released on Friday, Marketbeat reports. Benchmark currently has $18.00 price target on the stock.

A number of other equities research analysts have also recently weighed in on the company. Wall Street Zen cut Potbelly from a "buy" rating to a "hold" rating in a report on Friday, May 16th. Lake Street Capital cut Potbelly from a "buy" rating to a "hold" rating and lifted their price target for the company from $15.00 to $17.12 in a report on Thursday, September 11th. Finally, Craig Hallum cut Potbelly from a "strong-buy" rating to a "hold" rating and set a $17.12 target price on the stock. in a report on Wednesday, September 10th. Four investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $17.41.

Potbelly Price Performance

NASDAQ:PBPB traded up $0.01 during mid-day trading on Friday, reaching $17.01. The stock had a trading volume of 1,199,125 shares, compared to its average volume of 427,639. The company has a market capitalization of $514.57 million, a price-to-earnings ratio of 48.59 and a beta of 1.50. Potbelly has a 1-year low of $7.27 and a 1-year high of $17.04. The stock's 50 day simple moving average is $12.95 and its two-hundred day simple moving average is $11.02.

Potbelly (NASDAQ:PBPB - Get Free Report) last issued its 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. Potbelly had a net margin of 2.30% and a return on equity of 16.31%. The firm had revenue of $123.71 million for the quarter, compared to analysts' expectations of $122.65 million. Sell-side analysts anticipate that Potbelly will post 0.24 EPS for the current fiscal year.

Institutional Investors Weigh In On Potbelly

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PBPB. New York State Teachers Retirement System bought a new stake in shares of Potbelly during the 2nd quarter worth about $31,000. BNP Paribas Financial Markets raised its stake in Potbelly by 53.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,532 shares of the company's stock worth $31,000 after purchasing an additional 881 shares in the last quarter. AlphaQuest LLC acquired a new position in shares of Potbelly in the 1st quarter valued at approximately $57,000. GAMMA Investing LLC raised its position in shares of Potbelly by 2,637.9% in the 1st quarter. GAMMA Investing LLC now owns 7,009 shares of the company's stock valued at $737,000 after buying an additional 6,753 shares in the last quarter. Finally, State of Wyoming raised its position in shares of Potbelly by 14.3% in the 4th quarter. State of Wyoming now owns 7,012 shares of the company's stock valued at $66,000 after buying an additional 876 shares in the last quarter. 72.60% of the stock is currently 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.