Potbelly Corporation (PBPB) Stock Rose to Over $11 Per Share in Q2
180 Degree Capital Corp., an investment management firm, recently released its second quarter 2023 investor letter. A copy of the same can be downloaded here. The quarter was rough for the portfolio, which lost 5.8% compared to a 5.3% increase for the Russell Microcap Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
180 Degree Capital highlighted stocks like Potbelly Corporation (NASDAQ:PBPB) in the second quarter 2023 investor letter. Based in Chicago, Illinois, Potbelly Corporation (NASDAQ:PBPB) owns and operates Potbelly sandwich restaurants. On August 17, 2023, Potbelly Corporation (NASDAQ:PBPB) stock closed at $8.10 per share. One-month return of Potbelly Corporation (NASDAQ:PBPB) was -12.05%, and its shares gained 27.56% of their value over the last 52 weeks. Potbelly Corporation (NASDAQ:PBPB) has a market capitalization of $236.115 million.
180 Degree Capital made the following comment about Potbelly Corporation (NASDAQ:PBPB) in its second quarter 2023 investor letter:
“Potbelly Corporation (NASDAQ:PBPB): PBPB pre-announced strong results for Q1 2023, across all financial and shop-level metrics that exceeded expectations and guidance. Its stock subsequently rose to a high over $11 per share during the quarter. 180 sold an additional 7% of its position at an average price of $8.96. After holding its full results in May 2023, PBPB's stock collapsed from $11 per share to $8 per share. While PBPB's results were positive overall, its lone analyst, Baird, materially reduced its earnings expectations for future years. Following this collapse, 180 purchased an additional 18,813 shares at an average price per share of $8.08. For the quarter, PBPB increased NAV by $0.07, or $0.7 million.”
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Potbelly Corporation (NASDAQ:PBPB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held Potbelly Corporation (NASDAQ:PBPB) at the end of second quarter which was 13 in the previous quarter.
We discussed Potbelly Corporation (NASDAQ:PBPB) in another article and shared Immersion Investment Partners' views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
