Potbelly Co. (NASDAQ:PBPB) Major Shareholder Nierenberg Investment Manageme Acquires 23,394 Shares

Potbelly Co. (NASDAQ:PBPB) major shareholder Nierenberg Investment Manageme bought 23,394 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were acquired at an average price of $6.62 per share, with a total value of $154,868.28. Following the transaction, the insider now directly owns 1,561,985 shares of the company’s stock, valued at approximately $10,340,340.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Nierenberg Investment Manageme also recently made the following trade(s):

• On Monday, August 5th, Nierenberg Investment Manageme bought 45,772 shares of Potbelly stock. The shares were acquired at an average price of $6.48 per share, with a total value of $296,602.56.

Potbelly Price Performance

Potbelly stock traded down $0.12 during midday trading on Wednesday, reaching $6.65. 372,478 shares of the stock traded hands, compared to its average volume of 259,542. The stock’s fifty day moving average is $7.65 and its 200-day moving average is $10.08. Potbelly Co. has a 12 month low of $6.28 and a 12 month high of $14.36. The stock has a market cap of $198.45 million, a P/E ratio of 55.42 and a beta of 1.16. The company has a quick ratio of 0.43, a current ratio of 0.48 and a debt-to-equity ratio of 0.37.

Potbelly (NASDAQ:PBPB) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.03. The business had revenue of $111.15 million during the quarter, compared to analyst estimates of $106.80 million. Potbelly had a return on equity of 36.44% and a net margin of 0.76%. As a group, equities research analysts anticipate that Potbelly Co. will post 0.17 EPS for the current year.

Institutional Investors Weigh In On Potbelly

Several institutional investors have recently modified their holdings of PBPB. AJOVista LLC bought a new stake in shares of Potbelly during the 4th quarter worth approximately $35,000. Tower Research Capital LLC TRC increased its holdings in Potbelly by 464.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 6,229 shares of the company’s stock worth $65,000 after purchasing an additional 5,126 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in Potbelly by 9,350.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 7,844 shares of the company’s stock worth $63,000 after purchasing an additional 7,761 shares during the period. New York State Common Retirement Fund increased its holdings in Potbelly by 722.7% during the 4th quarter. New York State Common Retirement Fund now owns 9,436 shares of the company’s stock worth $98,000 after purchasing an additional 8,289 shares during the period. Finally, Quest Partners LLC increased its holdings in Potbelly by 47.9% during the 2nd quarter. Quest Partners LLC now owns 15,804 shares of the company’s stock worth $127,000 after purchasing an additional 5,118 shares during the period. 72.60% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Benchmark reissued a “buy” rating and set a $16.00 price target on shares of Potbelly in a research note on Tuesday, May 28th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $14.00.

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.