Assenagon Asset Management S.A. Sells 10,746 Shares of Potbelly Corporation (NASDAQ:PBPB)

Assenagon Asset Management S.A. cut its holdings in shares of Potbelly Corporation (NASDAQ:PBPB) by 15.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 60,972 shares of the company’s stock after selling 10,746 shares during the period. Assenagon Asset Management S.A. owned approximately 0.20% of Potbelly worth $580,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Aquatic Capital Management LLC bought a new stake in shares of Potbelly during the fourth quarter worth about $27,000. State of Wyoming boosted its holdings in Potbelly by 14.3% during the fourth quarter. State of Wyoming now owns 7,012 shares of the company’s stock worth $66,000 after purchasing an additional 876 shares during the last quarter. Price T Rowe Associates Inc. MD purchased a new position in Potbelly during the fourth quarter worth about $98,000. Wells Fargo & Company MN boosted its holdings in Potbelly by 50.6% during the fourth quarter. Wells Fargo & Company MN now owns 12,883 shares of the company’s stock worth $121,000 after purchasing an additional 4,328 shares during the last quarter. Finally, Divisadero Street Capital Management LP purchased a new position in Potbelly during the fourth quarter worth about $160,000. 72.60% of the stock is owned by institutional investors.

Potbelly Stock Up 7.6%

PBPB opened at $11.34 on Thursday. The company has a quick ratio of 0.48, a current ratio of 0.53 and a debt-to-equity ratio of 0.08. The stock has a market cap of $342.13 million, a price-to-earnings ratio of 8.10 and a beta of 1.68. Potbelly Corporation has a twelve month low of $6.28 and a twelve month high of $13.48. The company’s 50-day moving average price is $9.60 and its two-hundred day moving average price is $10.19.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Benchmark boosted their price target on shares of Potbelly from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday. Wall Street Zen cut shares of Potbelly from a “buy” rating to a “hold” rating in a report on Friday, May 16th. Finally, William Blair restated a “market perform” rating on shares of Potbelly in a report on Thursday, March 20th.

Insider Buying and Selling at Potbelly

In related news, major shareholder David Nierenberg bought 22,169 shares of the company’s stock in a transaction on Friday, March 28th. The shares were purchased at an average cost of $9.36 per share, for a total transaction of $207,501.84. Following the completion of the purchase, the insider now directly owns 124,167 shares in the company, valued at $1,162,203.12. The trade was a 21.73% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 10.20% of the company’s stock.

Potbelly 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.