Potbelly
PBPB
PBPB was delisted on the 22nd of October, 2025.
90 hedge funds and large institutions have $141M invested in Potbelly in 2023 Q3 according to their latest regulatory filings, with 16 funds opening new positions, 21 increasing their positions, 28 reducing their positions, and 11 closing their positions.
45% more first-time investments, than exits
New positions opened: 16 | Existing positions closed: 11
5% more funds holding
Funds holding: 86 → 90 (+4)
0% more funds holding in top 10
Funds holding in top 10: 3 → 3 (0)
1.77% less ownership
Funds ownership: 63.33% → 61.56% (-1.8%)
13% less capital invested
Capital invested by funds: $162M → $141M (-$21.2M)
25% less repeat investments, than reductions
Existing positions increased: 21 | Existing positions reduced: 28
70% less call options, than puts
Call options by funds: $228K | Put options by funds: $766K
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Vanguard Group
Malvern,
Pennsylvania
|
+$3.45M |
| 2 |
Cerity Partners
New York
|
+$2.49M |
| 3 |
First Eagle Investment Management
New York
|
+$1.47M |
| 4 |
BFM
Boothbay Fund Management
New York
|
+$1.14M |
| 5 |
Los Angeles Capital Management
Los Angeles,
California
|
+$933K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Millennium Management
New York
|
-$3.75M |
| 2 |
HIM
Hillsdale Investment Management
Toronto,
Ontario, Canada
|
-$3.29M |
| 3 |
Acadian Asset Management
Boston,
Massachusetts
|
-$1.71M |
| 4 |
Renaissance Technologies
New York
|
-$914K |
| 5 |
Marshall Wace
London,
United Kingdom
|
-$864K |
PBPB Hedge Fund Activity: Q3 2023 in Review
90 of the 6,301 institutional investors tracked by Wall St. Rank reported a position in Potbelly (PBPB) for Q3 2023, worth a combined $141M — down 13% from $162M a quarter earlier.
Buyers outnumbered sellers: 16 funds opened new PBPB positions and 11 closed out — a net gain of 5 holders — while 21 added to existing stakes and 28 trimmed.
The largest buyer was Vanguard Group, adding an estimated $3.45M. The largest seller was Millennium Management, cutting an estimated $3.75M.
- 90 institutional investors held Potbelly (PBPB) as of Q3 2023, up from 86 in Q2 2023.
- Funds reported $141M of Potbelly stock for Q3 2023, down 13% quarter-over-quarter.
- 16 funds opened new Potbelly positions in Q3 2023 and 11 closed out, a net change of +5 holders.
- The largest Potbelly buyer in Q3 2023 was Vanguard Group, an estimated $3.45M added.
- The largest Potbelly seller in Q3 2023 was Millennium Management, an estimated $3.75M sold.
Based on aggregated 13F filings for Q3 2023.