Potbelly Announces Merger Agreement with RaceTrac

Potbelly ( (PBPB) ) has shared an update.

On September 10, 2025, Potbelly Corporation announced a merger agreement with RaceTrac, Inc., a leading convenience retailer, in a transaction valued at approximately $566 million. The deal involves RaceTrac acquiring all outstanding shares of Potbelly for $17.12 per share, representing a 47% premium over Potbelly’s 90-trading-day volume-weighted average price. The acquisition is expected to close in the fourth quarter of 2025, subject to customary closing conditions and regulatory approvals. This strategic move aims to leverage complementary strengths in franchising, operations, and marketing to accelerate growth and expand Potbelly’s presence while maintaining its neighborhood sandwich shop experience.

The most recent analyst rating on (PBPB) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Potbelly stock, see the PBPB Stock Forecast page.

Spark’s Take on PBPB Stock

According to Spark, TipRanks’ AI Analyst, PBPB is a Outperform.

Potbelly’s strong financial recovery and positive earnings call are the most significant factors driving the score. The technical analysis supports a stable outlook, while the high P/E ratio suggests caution on valuation. Overall, the company is well-positioned for growth with some risks to monitor.

To see Spark’s full report on PBPB stock, click here.

More about Potbelly

Potbelly Corporation is a neighborhood sandwich shop concept known for its warm, toasty sandwiches, signature salads, and hand-dipped shakes. Founded over 40 years ago in Chicago, Potbelly has expanded to over 445 company and franchise-owned locations across the United States, with a long-term goal of reaching 2,000 shops.

Average Trading Volume: 240,291

Technical Sentiment Signal: Buy

Current Market Cap: $385.8M

For a thorough assessment of PBPB stock, go to TipRanks’ Stock Analysis page.