Potbelly Co. (NASDAQ:PBPB) Shares Sold by Raffles Associates LP

Raffles Associates LP lessened its holdings in shares of Potbelly Co. (NASDAQ:PBPB) by 6.7% in the third quarter, Holdings Channel reports. The firm owned 69,761 shares of the company’s stock after selling 5,000 shares during the period. Raffles Associates LP’s holdings in Potbelly were worth $582,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Meeder Asset Management Inc. purchased a new stake in Potbelly during the second quarter worth approximately $25,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Potbelly by 9,350.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 7,844 shares of the company’s stock valued at $63,000 after acquiring an additional 7,761 shares in the last quarter. FMR LLC boosted its position in Potbelly by 1,101.9% during the 3rd quarter. FMR LLC now owns 8,678 shares of the company’s stock worth $72,000 after purchasing an additional 7,956 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Potbelly in the 3rd quarter valued at $87,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Potbelly in the second quarter valued at about $86,000. Institutional investors and hedge funds own 72.60% of the company’s stock.

Potbelly Stock Performance

Shares of PBPB stock opened at $10.40 on Friday. The company’s fifty day moving average price is $8.70 and its two-hundred day moving average price is $8.12. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.49 and a quick ratio of 0.43. The firm has a market capitalization of $311.34 million, a P/E ratio of 8.32 and a beta of 1.21. Potbelly Co. has a 12 month low of $6.28 and a 12 month high of $14.36.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PBPB shares. Craig Hallum decreased their target price on Potbelly from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Benchmark reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Potbelly in a research report on Monday, August 12th.

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.