David Nierenberg, a notable ten p.c proprietor, has elevated his stake in Potbelly Corp (NASDAQ:PBPB) with latest purchases of frequent inventory. In accordance with a latest SEC submitting, Nierenberg acquired a complete of seven,600 shares on January 7, 2025, at costs starting from $9.23 to $9.24 per share. This transaction quantities to a complete funding of $70,149. The inventory, at present buying and selling at $9.07, seems barely overvalued based on InvestingPro‘s Truthful Worth mannequin, although analysts preserve value targets between $14-$16. Following these transactions, Nierenberg now instantly owns 101,998 shares of the corporate.
The submitting additionally highlights the broader holdings managed by Nierenberg Funding Administration Firm, Inc., which incorporates shares held not directly by numerous funds. Nevertheless, the newest transactions replicate direct acquisitions by Nierenberg himself.
In different latest information, Potbelly Company introduced important monetary developments. The corporate reported a 1% improve in system-wide gross sales, reaching roughly $139.2 million, and a considerable 79% surge in franchise income to $4.4 million throughout its Third Quarter 2024 Earnings Name. Revenues additionally rose, hitting $115.1 million. The corporate’s adjusted EBITDA grew 19% year-over-year to $8.7 million, and a web revenue of $3.7 million was declared.
Potbelly additionally revealed a change in its certifying accountant, appointing KPMG LLP as the brand new impartial registered public accounting agency for the fiscal yr ending December 27, 2025, following a aggressive choice course of. This transition will happen after the issuance of an audit report on Potbelly’s consolidated monetary statements for the fiscal yr ended December 29, 2024, by the outgoing auditor, Deloitte & Touche LLP.
These are among the many latest developments for Potbelly, which continues its strategic development in a difficult shopper setting. The corporate’s concentrate on digital gross sales, which now represent over 38% of complete store gross sales, and the opening of latest retailers had been key elements on this development. Analysts from numerous companies have supplied their projections and expectations for the corporate’s future efficiency.
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