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?
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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‘.