Potbelly (PBPB) Makes Second-Day Move Higher Following Strong IPO
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As expected, Potbelly (Nasdaq: PBPB) is up again Monday following a strong IPO last Friday.
Potbelly priced its IPO above the top end of its expected $15 to $17 range, with a price of $18 for 5.36 million shares. The company shot higher and ended up closing 71 percent better.
We suspected that the stock might get to around $41.50 based on performance from peer Noodles & Company (Nasdaq: NDLS) within the first three days of its IPO. Notably, Noodles & Company also had a sanguine second trading session.
Shares of Potbelly are up 6.6 percent.
Potbelly priced its IPO above the top end of its expected $15 to $17 range, with a price of $18 for 5.36 million shares. The company shot higher and ended up closing 71 percent better.
We suspected that the stock might get to around $41.50 based on performance from peer Noodles & Company (Nasdaq: NDLS) within the first three days of its IPO. Notably, Noodles & Company also had a sanguine second trading session.
Shares of Potbelly are up 6.6 percent.
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