Potbelly (PBPB -3.1%) shares continue their descent and are now down 25% from highs notched on IPO day ($33.90) when the stock more than doubled after pricing at $14.
The possible cause: Leon Cooperman named Potbelly, at "100 and something times earnings," one of the "pockets of market valuation that are silly," in a segment earlier today on CNBC.
Although Potbelly's 2012 P/E ratio stands at ~30, an adjustment for a one-off, non-cash tax benefit of $16.9M recognized that year leads to a much frothier 2012 P/E of ~100. (S-1)
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