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PBPB

Potbelly
PBPB

Delisted

PBPB was delisted on the 22nd of October, 2025.

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74 hedge funds and large institutions have $141M invested in Potbelly in 2023 Q1 according to their latest regulatory filings, with 26 funds opening new positions, 26 increasing their positions, 6 reducing their positions, and 6 closing their positions.

New
Increased
Maintained
Reduced
Closed

595% more call options, than puts

Call options by funds: $667K | Put options by funds: $96K

333% more first-time investments, than exits

New positions opened: 26 | Existing positions closed: 6

333% more repeat investments, than reductions

Existing positions increased: 26 | Existing positions reduced: 6

74% more capital invested

Capital invested by funds: $80.9M → $141M (+$59.7M)

35% more funds holding

Funds holding: 55 → 74 (+19)

6.28% more ownership

Funds ownership: 51.9% → 58.18% (+6.3%)

0% more funds holding in top 10

Funds holding in top 10: 3 → 3 (0)

Holders
74
Holders Change
+19
Holders Change %
+34.55%
% of All Funds
1.18%
Holding in Top 10
3
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.05%
New
26
Increased
26
Reduced
6
Closed
6
Calls
$667K
Puts
$96K
Net Calls
+$571K
Net Calls Change
+$540K

Top Buyers

Rank Fund Capital Flow
1
Millennium Management
Millennium Management
New York
+$2.56M
2
Vanguard Group
Vanguard Group
Pennsylvania
+$2.09M
3
HIM
Hillsdale Investment Management
Ontario, Canada
+$1.97M
4
EI
EAM Investors
California
+$1.54M
5
Marshall Wace
Marshall Wace
United Kingdom
+$1.45M

Top Sellers

Rank Fund Capital Flow
1
AA
Ancora Advisors
Ohio
-$3.52M
2
Russell Investments Group
Russell Investments Group
United Kingdom
-$1.06M
3
Boston Partners
Boston Partners
Massachusetts
-$342K
4
Victory Capital Management
Victory Capital Management
Texas
-$276K
5
TRCT
Tower Research Capital (TRC)
New York
-$199K
Name Holding Trade Value Shares
Change 		Change in
Stake
NIMC
1
Nierenberg Investment Management Company
Washington
$22.6M – – –
ACM
2
Archon Capital Management
Washington
$19.4M – – –
Renaissance Technologies
3
Renaissance Technologies
New York
$13.3M +$1M +133,293 +9%
SAM
4
Soviero Asset Management
New York
$11.9M +$90.5K +12,030 +0.8%
PAIM
5
Punch & Associates Investment Management
Minnesota
$11M +$316K +42,027 +3%
Vanguard Group
6
Vanguard Group
Pennsylvania
$10.8M +$2.09M +278,488 +27%
HA
7
Heartland Advisors
Wisconsin
$7.37M +$638K +84,800 +11%
Dimensional Fund Advisors
8
Dimensional Fund Advisors
Texas
$4.27M +$610K +81,125 +19%
First Eagle Investment Management
9
First Eagle Investment Management
New York
$4.03M +$73.6K +9,788 +2%
BlackRock
10
BlackRock
New York
$3.97M +$14.2K +1,890 +0.4%
Millennium Management
11
Millennium Management
New York
$3.85M +$2.56M +340,166 +280%
AWS
12
AJ Wealth Strategies
New York
$2.69M -$9.51K -1,265 -0.4%
HIM
13
Hillsdale Investment Management
Ontario, Canada
$2.18M +$1.97M +261,680 New
Geode Capital Management
14
Geode Capital Management
Massachusetts
$1.9M +$70.4K +9,359 +4%
Assenagon Asset Management
15
Assenagon Asset Management
Luxembourg
$1.71M +$1.34M +178,085 +656%
EI
16
EAM Investors
California
$1.7M +$1.54M +204,561 New
Susquehanna International Group
17
Susquehanna International Group
Pennsylvania
$1.62M +$815K +108,342 +126%
Marshall Wace
18
Marshall Wace
United Kingdom
$1.6M +$1.45M +192,338 New
Acadian Asset Management
19
Acadian Asset Management
Massachusetts
$1.13M +$866K +115,218 +548%
Jane Street
20
Jane Street
New York
$1.07M +$809K +107,542 +501%
Citadel Advisors
21
Citadel Advisors
Florida
$1.01M +$723K +96,139 +385%
BCM
22
Bridgeway Capital Management
Texas
$946K – – –
AFG
23
American Financial Group
Ohio
$833K – – –
State Street
24
State Street
Massachusetts
$807K +$96.2K +12,787 +15%
Victory Capital Management
25
Victory Capital Management
Texas
$777K -$276K -36,761 -28%
1
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PBPB Hedge Fund Activity: Q1 2023 in Review

74 of the 6,275 institutional investors tracked by Wall St. Rank reported a position in Potbelly (PBPB) for Q1 2023, worth a combined $141M — up 74% from $80.9M a quarter earlier.

Buyers outnumbered sellers: 26 funds opened new PBPB positions and 6 closed out — a net gain of 20 holders — while 26 added to existing stakes and 6 trimmed.

The largest buyer was Millennium Management, adding an estimated $2.56M. The largest seller was Ancora Advisors, exiting entirely with an estimated $3.52M sold.

  • 74 institutional investors held Potbelly (PBPB) as of Q1 2023, up from 55 in Q4 2022.
  • Funds reported $141M of Potbelly stock for Q1 2023, up 74% quarter-over-quarter.
  • 26 funds opened new Potbelly positions in Q1 2023 and 6 closed out, a net change of +20 holders.
  • The largest Potbelly buyer in Q1 2023 was Millennium Management, an estimated $2.56M added.
  • The largest Potbelly seller in Q1 2023 was Ancora Advisors, an estimated $3.52M sold.

Based on aggregated 13F filings for Q1 2023.