David Nierenberg Purchases 22,169 Shares of Potbelly Co. (NASDAQ:PBPB) Stock

Potbelly Co. (NASDAQ:PBPB) major shareholder David Nierenberg acquired 22,169 shares of the stock in a transaction on Friday, March 28th. The stock was bought at an average cost of $9.36 per share, for a total transaction of $207,501.84. Following the transaction, the insider now owns 124,167 shares of the company’s stock, valued at approximately $1,162,203.12. This trade represents a 21.73 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

David Nierenberg also recently made the following trade(s):

• On Tuesday, January 7th, David Nierenberg bought 7,600 shares of Potbelly stock. The shares were acquired at an average cost of $9.23 per share, for a total transaction of $70,148.00.

Potbelly Price Performance

Shares of NASDAQ:PBPB traded up $0.21 during trading on Monday, reaching $9.55. The company had a trading volume of 59,556 shares, compared to its average volume of 211,139. Potbelly Co. has a 12 month low of $6.28 and a 12 month high of $13.48. The company has a current ratio of 0.49, a quick ratio of 0.43 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $285.47 million, a P/E ratio of 7.64 and a beta of 1.50. The company has a fifty day moving average of $11.38 and a two-hundred day moving average of $9.87.

Hedge Funds Weigh In On Potbelly

Large investors have recently modified their holdings of the company. Monimus Capital Management LP bought a new position in Potbelly during the fourth quarter valued at approximately $4,901,000. Cerity Partners LLC purchased a new stake in shares of Potbelly in the 3rd quarter valued at $2,332,000. Marshall Wace LLP grew its holdings in shares of Potbelly by 758.4% during the 4th quarter. Marshall Wace LLP now owns 195,775 shares of the company’s stock valued at $1,844,000 after purchasing an additional 172,969 shares during the last quarter. Vantage Consulting Group Inc purchased a new position in Potbelly in the 4th quarter worth $1,553,000. Finally, Portolan Capital Management LLC lifted its stake in Potbelly by 21.7% in the third quarter. Portolan Capital Management LLC now owns 902,529 shares of the company’s stock worth $7,527,000 after purchasing an additional 160,763 shares during the last quarter. 72.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Benchmark reiterated a “buy” rating and issued a $16.00 price target on shares of Potbelly in a research report on Friday, March 7th. William Blair reaffirmed a “market perform” rating on shares of Potbelly in a research note on Thursday, March 20th. Finally, StockNews.com cut shares of Potbelly from a “buy” rating to a “hold” rating in a report on Wednesday, March 26th.

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.