David Nierenberg, a substantial ten percent owner, increased his stake in Potbelly Corp (NASDAQ: ) with recent purchases of common stock. According to a recent filing with the SEC, Nierenberg acquired a total of 7,600 shares on January 7, 2025 at prices ranging from $9.23 to $9.24 per share. This transaction amounts to a total investment of $70,149. The stock, currently trading at $9.07, seems slightly overvalued by InvestingProFair value model, although analysts maintain price targets between $14 and $16. Following these transactions, Nierenberg now directly owns 101,998 shares of the company’s stock.
The filing also highlights the broader holdings managed by Nierenberg Investment Management Company, Inc., which includes stocks held indirectly through various funds. However, the latest transactions reflect direct acquisitions by Nierenberg itself.
In other recent news, Potbelly Corporation announced a significant financial development. The company reported a 1% increase in system-wide sales to approximately $139.2 million, and a significant 79% increase in franchise revenue to $4.4 million during its Q3 2024 earnings call. Revenues also increased , reaching $115.1 million. The company’s adjusted EBITDA increased 19% year-over-year to $8.7 million, and reported net income of $3.7 million.
Potbelly also revealed a change in its chartered accountant, appointing KPMG LLP as its new independent registered public accounting firm for the fiscal year ending December 27, 2025, following a competitive selection process. This transition will occur following the issuance of an audit report on Potbelly’s consolidated financial statements for the fiscal year ended December 29, 2024 by the outgoing auditor, Deloitte & Touche LLP.
These are among recent developments for Potbelly, which continues its strategic growth in a challenging consumer environment. The company’s focus on digital sales, which now accounts for over 38% of total store sales, and the opening of new stores were key factors in this growth. Analysts from various companies have given their projections and expectations for the company’s future performance.
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