Potbelly (NASDAQ:PBPB) Reaches New 1-Year High – Here’s Why

Potbelly Corporation (NASDAQ:PBPB)’s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $17.12 and last traded at $17.12, with a volume of 123786 shares changing hands. The stock had previously closed at $17.11.

Analysts Set New Price Targets

Several brokerages have weighed in on PBPB. Craig Hallum lowered Potbelly from a “strong-buy” rating to a “hold” rating and set a $17.12 target price on the stock. in a research report on Wednesday, September 10th. Benchmark cut shares of Potbelly from a “buy” rating to a “hold” rating and set a $18.00 price objective on the stock. in a report on Friday, September 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Potbelly in a research report on Wednesday, October 8th. Finally, Lake Street Capital lowered shares of Potbelly from a “buy” rating to a “hold” rating and boosted their target price for the company from $15.00 to $17.12 in a research note on Thursday, September 11th. Five equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Potbelly presently has an average rating of “Hold” and an average price target of $17.41.

Potbelly Price Performance

The business has a fifty day moving average price of $15.30 and a 200 day moving average price of $12.27. The company has a market capitalization of $517.75 million, a price-to-earnings ratio of 48.89 and a beta of 1.52.

Potbelly (NASDAQ:PBPB) last announced its earnings results on Monday, January 9th. The company reported ($0.05) earnings per share (EPS) for the quarter. The company had revenue of $101.69 million during the quarter. Potbelly had a net margin of 2.30% and a return on equity of 16.31%. Potbelly has set its Q4 2022 guidance at EPS. Research analysts anticipate that Potbelly Corporation will post 0.24 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PBPB. Rhumbline Advisers lifted its position in Potbelly by 5.7% in the first quarter. Rhumbline Advisers now owns 38,872 shares of the company’s stock worth $370,000 after purchasing an additional 2,108 shares during the period. Oppenheimer Asset Management Inc. increased its position in shares of Potbelly by 27.2% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 20,945 shares of the company’s stock valued at $199,000 after purchasing an additional 4,473 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Potbelly by 2.6% in the 1st quarter. Bank of New York Mellon Corp now owns 66,000 shares of the company’s stock worth $628,000 after buying an additional 1,662 shares in the last quarter. Legato Capital Management LLC acquired a new stake in shares of Potbelly in the first quarter valued at $626,000. Finally, Essex Investment Management Co. LLC acquired a new stake in shares of Potbelly in the first quarter valued at $2,110,000. Institutional investors and hedge funds own 72.60% of the company’s stock.

About Potbelly

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.