Potbelly Co. (NASDAQ:PBPB) Sees Large Decline in Short Interest

Potbelly Co. (NASDAQ:PBPB - Get Free Report) was the recipient of a significant drop in short interest during the month of October. As of October 15th, there was short interest totalling 688,100 shares, a drop of 15.6% from the September 30th total of 815,100 shares. Approximately 2.8% of the shares of the company are short sold. Based on an average daily volume of 173,900 shares, the days-to-cover ratio is presently 4.0 days.

Insider Transactions at Potbelly

In other news, major shareholder Nierenberg Investment Manageme acquired 23,394 shares of Potbelly stock in a transaction dated Wednesday, August 7th. The stock was purchased at an average cost of $6.62 per share, for a total transaction of $154,868.28. Following the completion of the purchase, the insider now directly owns 1,561,985 shares in the company, valued at $10,340,340.70. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 9.10% of the company's stock.

Institutional Trading of Potbelly

A number of institutional investors have recently made changes to their positions in PBPB. Meeder Asset Management Inc. acquired a new stake in shares of Potbelly in the second quarter worth approximately $25,000. Allspring Global Investments Holdings LLC boosted its stake in Potbelly by 9,350.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 7,844 shares of the company's stock worth $63,000 after buying an additional 7,761 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new position in Potbelly during the second quarter worth $86,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Potbelly during the third quarter worth $87,000. Finally, Quest Partners LLC boosted its stake in Potbelly by 47.9% during the second quarter. Quest Partners LLC now owns 15,804 shares of the company's stock worth $127,000 after buying an additional 5,118 shares during the last quarter. 72.60% of the stock is owned by institutional investors and hedge funds.

Potbelly Price Performance

Shares of NASDAQ:PBPB traded up $0.07 during trading on Monday, reaching $7.85. The stock had a trading volume of 152,531 shares, compared to its average volume of 231,156. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.39 and a current ratio of 0.45. The business has a fifty day moving average price of $8.04 and a 200-day moving average price of $8.23. The stock has a market cap of $235.03 million, a PE ratio of 6.65 and a beta of 1.19. Potbelly has a 1-year low of $6.28 and a 1-year high of $14.36.

Potbelly (NASDAQ:PBPB - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.05 by $0.03. The firm had revenue of $119.70 million for the quarter, compared to analyst estimates of $119.00 million. Potbelly had a return on equity of 21.42% and a net margin of 7.58%. During the same period in the previous year, the company posted $0.07 earnings per share. On average, equities analysts forecast that Potbelly will post 0.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PBPB shares. Benchmark reiterated a "buy" rating and set a $16.00 price target on shares of Potbelly in a research report on Monday, August 12th. Craig Hallum reduced their price target on Potbelly from $20.00 to $16.00 and set a "buy" rating for the company in a research report on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $16.00.

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.