Potbelly (PBPB) Downgraded to “Hold” at Maxim Group

Maxim Group cut shares of Potbelly (NASDAQ:PBPB) from a buy rating to a hold rating in a research report sent to investors on Wednesday, Briefing.com Automated Import reports. They currently have $8.00 price target on the stock, down from their previous price target of $11.00.

A number of other research firms also recently issued reports on PBPB. Zacks Investment Research upgraded shares of Potbelly from a hold rating to a strong-buy rating and set a $9.75 target price on the stock in a research report on Friday, January 25th. Bank of America set a $9.00 target price on shares of Potbelly and gave the company a sell rating in a research report on Tuesday, February 26th. Four research analysts have rated the stock with a sell rating and one has given a hold rating to the company’s stock. Potbelly has an average rating of Sell and an average price target of $8.92.

Potbelly stock opened at $6.45 on Wednesday. Potbelly has a 12-month low of $6.39 and a 12-month high of $14.15. The firm has a market cap of $157.62 million, a P/E ratio of 22.24, a P/E/G ratio of 1.56 and a beta of 1.04.

Potbelly (NASDAQ:PBPB) last released its earnings results on Tuesday, May 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.04) by ($0.08). Potbelly had a negative net margin of 6.01% and a positive return on equity of 3.57%. The company had revenue of $98.09 million for the quarter, compared to analyst estimates of $100.96 million. During the same quarter in the previous year, the firm earned $0.03 EPS. The firm’s revenue was down 4.7% on a year-over-year basis. Research analysts expect that Potbelly will post -0.03 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in PBPB. Millennium Management LLC increased its stake in Potbelly by 97.1% during the 4th quarter. Millennium Management LLC now owns 629,545 shares of the company’s stock valued at $5,068,000 after purchasing an additional 310,119 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Potbelly during the 4th quarter valued at $929,000. Confluence Investment Management LLC increased its stake in Potbelly by 23.8% during the 1st quarter. Confluence Investment Management LLC now owns 454,793 shares of the company’s stock valued at $3,871,000 after purchasing an additional 87,478 shares in the last quarter. Martingale Asset Management L P increased its stake in Potbelly by 125.3% during the 1st quarter. Martingale Asset Management L P now owns 144,614 shares of the company’s stock valued at $1,231,000 after purchasing an additional 80,414 shares in the last quarter. Finally, Vanguard Group Inc increased its stake in Potbelly by 6.1% during the 3rd quarter. Vanguard Group Inc now owns 1,310,489 shares of the company’s stock valued at $16,119,000 after purchasing an additional 75,769 shares in the last quarter. Institutional investors and hedge funds own 72.38% of the company’s stock.

About Potbelly

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.

See Also: What is Cost of Debt?

Receive News & Ratings for Potbelly Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Potbelly and related companies with MarketBeat.com's FREE daily email newsletter.