Short Interest in Potbelly Corp (NASDAQ:PBPB) Declines By 10.3%

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Potbelly Corp (NASDAQ:PBPB) was the target of a large decrease in short interest in the month of November. As of November 29th, there was short interest totalling 1,830,000 shares, a decrease of 10.3% from the November 14th total of 2,040,000 shares. Approximately 8.1% of the company’s stock are short sold. Based on an average daily trading volume, of 204,700 shares, the days-to-cover ratio is presently 8.9 days.

PBPB has been the subject of a number of analyst reports. ValuEngine upgraded Potbelly from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 8th. Zacks Investment Research cut Potbelly from a “buy” rating to a “hold” rating in a research note on Thursday, November 7th. Maxim Group upped their price objective on Potbelly from $4.00 to $5.00 and gave the stock a “hold” rating in a research note on Tuesday, November 5th. Finally, Piper Jaffray Companies cut Potbelly from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $7.00 to $5.00 in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $6.13.

In other news, Director David W. Head bought 10,000 shares of the stock in a transaction on Monday, November 18th. The stock was acquired at an average cost of $4.57 per share, for a total transaction of $45,700.00. Also, Director David W. Head bought 20,000 shares of the stock in a transaction on Friday, November 15th. The stock was purchased at an average price of $4.30 per share, with a total value of $86,000.00. 6.00% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of PBPB. Marshall Wace LLP acquired a new position in Potbelly during the 2nd quarter valued at about $66,000. Walleye Trading LLC acquired a new position in Potbelly during the 2nd quarter valued at about $67,000. Royal Bank of Canada increased its position in Potbelly by 469.0% during the 2nd quarter. Royal Bank of Canada now owns 28,764 shares of the company’s stock valued at $146,000 after buying an additional 23,709 shares in the last quarter. Rhumbline Advisers increased its position in Potbelly by 8.5% during 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 in the last quarter. Finally, Russell Investments Group Ltd. acquired a new position in Potbelly during the 3rd quarter valued at about $160,000. Hedge funds and other institutional investors own 56.88% of the company’s stock.

Shares of NASDAQ PBPB traded down $0.10 during mid-day trading on Friday, reaching $4.08. 319,188 shares of the company were exchanged, compared to its average volume of 229,414. The company has a current ratio of 0.60, a quick ratio of 0.54 and a debt-to-equity ratio of 2.95. Potbelly has a 1 year low of $3.10 and a 1 year high of $9.44. The firm has a 50-day moving average of $4.58 and a 200 day moving average of $4.54.

Potbelly (NASDAQ:PBPB) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.03. The firm had revenue of $104.20 million during the quarter, compared to analysts’ expectations of $103.77 million. Potbelly had a negative return on equity of 1.80% and a negative net margin of 6.59%. The firm’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.09 EPS. Equities research analysts expect that Potbelly will post -0.1 EPS for the current fiscal year.

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.

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