Potbelly
PBPB
PBPB was delisted on the 22nd of October, 2025.
90 hedge funds and large institutions have $196M invested in Potbelly in 2023 Q4 according to their latest regulatory filings, with 11 funds opening new positions, 37 increasing their positions, 25 reducing their positions, and 11 closing their positions.
48% more repeat investments, than reductions
Existing positions increased: 37 | Existing positions reduced: 25
39% more capital invested
Capital invested by funds: $141M → $196M (+$54.8M)
26% more call options, than puts
Call options by funds: $1.12M | Put options by funds: $890K
2.4% more ownership
Funds ownership: 61.56% → 63.96% (+2.4%)
0% more funds holding
Funds holding: 90 → 90 (0)
0% more funds holding in top 10
Funds holding in top 10: 3 → 3 (0)
0% more first-time investments, than exits
New positions opened: 11 | Existing positions closed: 11
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
MAG
Millrace Asset Group
Berwyn,
Pennsylvania
|
+$1.21M |
| 2 |
BlackRock
New York
|
+$1.21M |
| 3 |
NIMC
Nierenberg Investment Management Company
Camas,
Washington
|
+$1.09M |
| 4 |
Los Angeles Capital Management
Los Angeles,
California
|
+$722K |
| 5 |
First Eagle Investment Management
New York
|
+$697K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SAM
Soviero Asset Management
New York
|
-$1.07M |
| 2 |
BFM
Boothbay Fund Management
New York
|
-$1.05M |
| 3 |
AR
Advisory Research
Chicago,
Illinois
|
-$882K |
| 4 |
Marshall Wace
London,
United Kingdom
|
-$816K |
| 5 |
Renaissance Technologies
New York
|
-$449K |
PBPB Hedge Fund Activity: Q4 2023 in Review
90 of the 6,869 institutional investors tracked by Wall St. Rank reported a position in Potbelly (PBPB) for Q4 2023, worth a combined $196M — up 39% from $141M a quarter earlier.
Fund positioning in PBPB was balanced in Q4 2023: 11 funds opened new positions, 11 closed out, 37 added to existing stakes and 25 trimmed.
The largest buyer was Millrace Asset Group, opening a new position worth an estimated $1.21M. The largest seller was Soviero Asset Management, cutting an estimated $1.07M.
- 90 institutional investors held Potbelly (PBPB) as of Q4 2023, unchanged from Q3 2023.
- Funds reported $196M of Potbelly stock for Q4 2023, up 39% quarter-over-quarter.
- 11 funds opened new Potbelly positions in Q4 2023 and 11 closed out, a net change of 0 holders.
- The largest Potbelly buyer in Q4 2023 was Millrace Asset Group, an estimated $1.21M added.
- The largest Potbelly seller in Q4 2023 was Soviero Asset Management, an estimated $1.07M sold.
Based on aggregated 13F filings for Q4 2023.