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Why Panera Bread Co (PNRA) Surged Today

Panera Bread Co (NASDAQ:PNRA) shares have popped 10% in the afternoon after Bloomberg reported that the company is working with advisers to explore strategic options after receiving takeover interest from a suitor. The strategic options include a potential sale. Traders are piling into Panera Bread Co (NASDAQ:PNRA) in anticipation that the take-over price might be high enough to justify the current rally. There is no guarantee, however, that a sale will occur as of yet. Shares of the restaurant have done very well year-to-date, rallying 27% even before today’s surge.

What Does The Smart Money Sentiment Say?

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).

From our data it seems that some smart money funds missed the stock’s big surge. Of the 742 elite funds we track, 23 funds owned $274.22 million of Panera Bread Co (NASDAQ:PNRA) and accounted for 5.80% of the float on December 31, versus 33 funds and $369.61 million respectively on September 30.

The Bottom Line

Panera Bread Co (NASDAQ:PNRA) shares have popped this afternoon due to a Bloomberg report stating that the company might be considering selling itself. For further reading, check out, ‘the 10 Best Food Countries in Europe‘.

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