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

Potbelly Co. (NASDAQ:PBPB - Get Free Report) major shareholder David Nierenberg purchased 22,169 shares of Potbelly stock in a transaction that occurred 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 purchase, the insider now directly owns 124,167 shares in the company, valued at $1,162,203.12. This trade represents a 21.73 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Large shareholders that own more than 10% 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 purchased 7,600 shares of Potbelly stock. The stock was purchased at an average price of $9.23 per share, with a total value of $70,148.00.

Potbelly Stock Down 6.1 %

PBPB stock traded down $0.57 during trading on Friday, reaching $8.84. 281,448 shares of the company traded hands, compared to its average volume of 213,180. The company has a market capitalization of $264.14 million, a price-to-earnings ratio of 7.05 and a beta of 1.50. The business has a 50 day simple moving average of $11.27 and a 200 day simple moving average of $9.89. Potbelly Co. has a 12 month low of $6.28 and a 12 month high of $13.48. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.43 and a current ratio of 0.49.

Institutional Investors Weigh In On Potbelly

Hedge funds and other institutional investors have recently bought and sold shares of the company. State of Wyoming lifted its holdings in shares of Potbelly by 14.3% during the 4th quarter. State of Wyoming now owns 7,012 shares of the company's stock valued at $66,000 after purchasing an additional 876 shares during the last quarter. XTX Topco Ltd raised its position in shares of Potbelly by 4.8% in the 3rd quarter. XTX Topco Ltd now owns 31,984 shares of the company's stock valued at $267,000 after purchasing an additional 1,456 shares during the last quarter. Bank of America Corp DE boosted its stake in Potbelly by 10.5% in the 4th quarter. Bank of America Corp DE now owns 25,491 shares of the company's stock worth $240,000 after purchasing an additional 2,418 shares in the last quarter. Aquatic Capital Management LLC purchased a new stake in Potbelly during the 4th quarter worth approximately $27,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Potbelly by 28.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,400 shares of the company's stock worth $124,000 after buying an additional 3,000 shares during the last quarter. Hedge funds and other institutional investors own 72.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. StockNews.com downgraded Potbelly from a "buy" rating to a "hold" rating in a research report on Wednesday, March 26th. Benchmark reissued a "buy" rating and set a $16.00 target price on shares of Potbelly in a research report on Friday, March 7th. Finally, William Blair reaffirmed a "market perform" rating on shares of Potbelly in a research report on Thursday, March 20th.

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.