Zacks Investment Research Downgrades Potbelly (NASDAQ:PBPB) to Hold

Potbelly (NASDAQ:PBPB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday, Zacks.com reports.

According to Zacks, “Potbelly Corporation is a neighborhood sandwich concept. The Company manages establishments for consuming food on premises to offers sandwiches, salads, soups, chili, chips, cookies, ice cream, and smoothies. It serves customers throughout the United States. Potbelly Corporation is headquartered in Chicago, Illinois. “

A number of other research analysts have also issued reports on the stock. ValuEngine upgraded shares of Potbelly from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Maxim Group raised their price objective on shares of Potbelly from $4.00 to $5.00 and gave the company a “hold” rating in a report on Tuesday, November 5th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $6.50.

Shares of PBPB traded down $0.11 during trading hours on Thursday, hitting $4.93. The company had a trading volume of 217,100 shares, compared to its average volume of 249,611. The business has a fifty day moving average of $4.24 and a 200-day moving average of $5.00. Potbelly has a 12 month low of $3.10 and a 12 month high of $11.18. The company has a quick ratio of 0.56, a current ratio of 0.62 and a debt-to-equity ratio of 2.89. The firm has a market cap of $120.03 million, a price-to-earnings ratio of 17.00 and a beta of 1.19.

Potbelly (NASDAQ:PBPB) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. Potbelly had a negative net margin of 6.59% and a negative return on equity of 1.74%. The company had revenue of $104.20 million for the quarter, compared to the consensus estimate of $103.77 million. During the same period last year, the company posted $0.09 EPS. The firm’s quarterly revenue was down 2.6% compared to the same quarter last year. On average, equities analysts expect that Potbelly will post -0.1 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Rhumbline Advisers raised its holdings in Potbelly by 8.5% in the 3rd quarter. Rhumbline Advisers now owns 34,622 shares of the company’s stock valued at $151,000 after buying an additional 2,706 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Potbelly by 3.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 85,483 shares of the company’s stock valued at $435,000 after buying an additional 3,096 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Potbelly by 4.7% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 129,952 shares of the company’s stock valued at $662,000 after buying an additional 5,778 shares during the last quarter. Marshall Wace LLP bought a new position in Potbelly during the 2nd quarter worth approximately $66,000. Finally, Walleye Trading LLC bought a new position in Potbelly during the 2nd quarter worth approximately $67,000. Institutional investors and hedge funds own 60.39% of the company’s stock.

Potbelly Company Profile

Potbelly Corporation, through its subsidiaries, owns, operates, and franchises Potbelly Sandwich Works sandwich shops in the United States. The company offers toasty warm sandwiches, salads, soups, chili, sides, desserts, breakfast sandwiches, and steel cut oatmeal. As of February 25, 2019, the company operated approximately 400 shops in the United States; and approximately 50 franchisees operated shops in the United States, the Middle East, Canada, and India.

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