Potbelly
PBPB
PBPB was delisted on the 22nd of October, 2025.
58 hedge funds and large institutions have $85.7M invested in Potbelly in 2021 Q1 according to their latest regulatory filings, with 12 funds opening new positions, 11 increasing their positions, 18 reducing their positions, and 6 closing their positions.
100% more first-time investments, than exits
New positions opened: 12 | Existing positions closed: 6
66% more capital invested
Capital invested by funds: $51.6M → $85.7M (+$34.1M)
12% more funds holding
Funds holding: 52 → 58 (+6)
3.66% more ownership
Funds ownership: 48.24% → 51.9% (+3.7%)
38% less call options, than puts
Call options by funds: $359K | Put options by funds: $576K
39% less repeat investments, than reductions
Existing positions increased: 11 | Existing positions reduced: 18
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Hudson Bay Capital Management
Stamford,
Connecticut
|
+$5.45M |
| 2 |
NIMC
Nierenberg Investment Management Company
Camas,
Washington
|
+$4.75M |
| 3 |
AC
Armistice Capital
New York
|
+$2.18M |
| 4 |
SAM
Soviero Asset Management
New York
|
+$1.94M |
| 5 |
HA
Heartland Advisors
Milwaukee,
Wisconsin
|
+$1.34M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
AA
Ancora Advisors
Cleveland,
Ohio
|
-$1.07M |
| 2 |
Dimensional Fund Advisors
Austin,
Texas
|
-$889K |
| 3 |
Arrowstreet Capital
Boston,
Massachusetts
|
-$659K |
| 4 |
AFG
American Financial Group
Cincinnati,
Ohio
|
-$536K |
| 5 |
GAM
Gotham Asset Management
New York
|
-$430K |
PBPB Hedge Fund Activity: Q1 2021 in Review
58 of the 5,711 institutional investors tracked by Wall St. Rank reported a position in Potbelly (PBPB) for Q1 2021, worth a combined $85.7M — up 66% from $51.6M a quarter earlier.
Buyers outnumbered sellers: 12 funds opened new PBPB positions and 6 closed out — a net gain of 6 holders — while 11 added to existing stakes and 18 trimmed.
The largest buyer was Hudson Bay Capital Management, opening a new position worth an estimated $5.45M. The largest seller was Ancora Advisors, cutting an estimated $1.07M.
- 58 institutional investors held Potbelly (PBPB) as of Q1 2021, up from 52 in Q4 2020.
- Funds reported $85.7M of Potbelly stock for Q1 2021, up 66% quarter-over-quarter.
- 12 funds opened new Potbelly positions in Q1 2021 and 6 closed out, a net change of +6 holders.
- The largest Potbelly buyer in Q1 2021 was Hudson Bay Capital Management, an estimated $5.45M added.
- The largest Potbelly seller in Q1 2021 was Ancora Advisors, an estimated $1.07M sold.
Based on aggregated 13F filings for Q1 2021.