Potbelly (NASDAQ:PBPB) Rating Lowered to “Hold” at StockNews.com

Potbelly (NASDAQ:PBPB) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

A number of other brokerages have also issued reports on PBPB. William Blair reaffirmed a “market perform” rating on shares of Potbelly in a research report on Thursday, March 20th. Benchmark restated a “buy” rating and set a $16.00 price objective on shares of Potbelly in a report on Friday, March 7th.

Potbelly Stock Performance

PBPB opened at $9.50 on Wednesday. Potbelly has a 12-month low of $6.28 and a 12-month high of $13.48. The firm has a market capitalization of $283.86 million, a P/E ratio of 7.60 and a beta of 1.50. The stock’s 50 day moving average price is $11.44 and its two-hundred day moving average price is $9.83. The company has a quick ratio of 0.43, a current ratio of 0.49 and a debt-to-equity ratio of 0.06.

Insider Transactions at Potbelly

In other Potbelly news, major shareholder David Nierenberg acquired 7,600 shares of Potbelly stock in a transaction dated Tuesday, January 7th. The stock was bought at an average cost of $9.23 per share, with a total value of $70,148.00. Following the acquisition, the insider now owns 101,998 shares of the company’s stock, valued at approximately $941,441.54. The trade was a 8.05 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 9.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PBPB. JPMorgan Chase & Co. boosted its holdings in Potbelly by 122.6% during the third quarter. JPMorgan Chase & Co. now owns 67,053 shares of the company’s stock valued at $559,000 after purchasing an additional 36,930 shares in the last quarter. Cerity Partners LLC acquired a new stake in Potbelly in the 3rd quarter valued at $2,332,000. Sanctuary Advisors LLC bought a new stake in Potbelly in the fourth quarter valued at $520,000. Barclays PLC raised its stake in Potbelly by 247.8% during the third quarter. Barclays PLC now owns 39,780 shares of the company’s stock worth $332,000 after acquiring an additional 28,342 shares in the last quarter. Finally, Hodges Capital Management Inc. lifted its holdings in shares of Potbelly by 42.1% during the fourth quarter. Hodges Capital Management Inc. now owns 539,915 shares of the company’s stock valued at $5,086,000 after acquiring an additional 159,900 shares during the period. 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.