NEW YORK ( TheStreet) -- Shares of Panera Bread Company (Nasdaq: PNRA) were gapping up Friday morning with an open price 11.3% higher than Thursday's closing price. The stock closed at $99.71 Thursday and opened today's trading at $111. The average volume for Panera Bread has been 390,600 shares per day over the past 30 days. Panera Bread has a market cap of $2.9 billion and is part of the services sector and leisure industry.

Panera Bread Company, together with its subsidiaries, owns, operates, and franchises retail bakery-cafes in the United States. Its retail products include baked goods, soups, salads, custom roasted coffees, cafe beverages, and other complementary products. The company has a P/E ratio of 29.1, equal to the average leisure industry P/E ratio and above the S&P 500 P/E ratio of 23.5.

TheStreet Ratings rates Panera Bread as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, reasonable valuation levels and solid stock price performance. We feel these strengths outweigh the fact that the company shows weak operating cash flow. You can view the full Panera Bread Ratings Report.