Potbelly
PBPB
PBPB was delisted on the 22nd of October, 2025.
132 hedge funds and large institutions have $441M invested in Potbelly in 2025 Q3 according to their latest regulatory filings, with 45 funds opening new positions, 35 increasing their positions, 32 reducing their positions, and 37 closing their positions.
332% more call options, than puts
Call options by funds: $2.18M | Put options by funds: $504K
53% more capital invested
Capital invested by funds: $287M → $441M (+$153M)
22% more first-time investments, than exits
New positions opened: 45 | Existing positions closed: 37
7.72% more ownership
Funds ownership: 77.72% → 85.44% (+7.7%)
6% more funds holding
Funds holding: 125 → 132 (+7)
9% more repeat investments, than reductions
Existing positions increased: 35 | Existing positions reduced: 32
25% less funds holding in top 10
Funds holding in top 10: 4 → 3 (-1)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
GCL
Glazer Capital LLC
New York
|
+$22.1M |
| 2 |
WIC
Water Island Capital
New York
|
+$18.3M |
| 3 |
Fidelity International
Hamilton,
Bermuda
|
+$16.4M |
| 4 |
Balyasny Asset Management
Chicago,
Illinois
|
+$15.6M |
| 5 |
VI
Versor Investments
New York
|
+$14.3M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
PCM
Portolan Capital Management
Boston,
Massachusetts
|
-$20.4M |
| 2 |
First Eagle Investment Management
New York
|
-$12.1M |
| 3 |
WSL
Western Standard LLC
Los Angeles,
California
|
-$11.4M |
| 4 |
PAIM
Punch & Associates Investment Management
Edina,
Minnesota
|
-$8.35M |
| 5 |
SAM
Silvercrest Asset Management
New York
|
-$7.84M |
PBPB Hedge Fund Activity: Q3 2025 in Review
132 of the 7,620 institutional investors tracked by Wall St. Rank reported a position in Potbelly (PBPB) for Q3 2025, worth a combined $441M — up 53% from $287M a quarter earlier.
Buyers outnumbered sellers: 45 funds opened new PBPB positions and 37 closed out — a net gain of 8 holders — while 35 added to existing stakes and 32 trimmed.
The largest buyer was Glazer Capital LLC, opening a new position worth an estimated $22.1M. The largest seller was Portolan Capital Management, exiting entirely with an estimated $20.4M sold.
- 132 institutional investors held Potbelly (PBPB) as of Q3 2025, up from 125 in Q2 2025.
- Funds reported $441M of Potbelly stock for Q3 2025, up 53% quarter-over-quarter.
- 45 funds opened new Potbelly positions in Q3 2025 and 37 closed out, a net change of +8 holders.
- The largest Potbelly buyer in Q3 2025 was Glazer Capital LLC, an estimated $22.1M added.
- The largest Potbelly seller in Q3 2025 was Portolan Capital Management, an estimated $20.4M sold.
Based on aggregated 13F filings for Q3 2025.