Vault-13

NOODLES & CO

COM CL A · CUSIP 65540B105

97 institutional holders -11 vs Q1 2023
33,818,32133.8m shares reported held*
$114.3mreported value*
9 new 40 added 31 reduced 21 sold out net sold ≈ $30.4m (-9.0m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($41.8k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $3.38. Options: 5 managers hold calls ($195.2k notional), 7 hold puts ($2.8m).

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 103Q4 22: 103Q1 23: 108Q2 23: 9797Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 2022103
Q4 2022103
Q1 2023108
Q2 202397

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q4 22: 49 bought or addedQ4 22: 39 cut or sold outQ4 22Q1 23: 58 bought or addedQ1 23: 38 cut or sold outQ1 23Q2 23: 49 bought or addedQ2 23: 52 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20224939
Q1 20235838
Q2 20234952

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$2m$4m$6mQ3 22 calls: $359.0kQ3 22 puts: $0Q3 22P/C 0.00Q4 22 calls: $899.6kQ4 22 puts: $44.5kQ4 22P/C 0.05Q1 23 calls: $698.2kQ1 23 puts: $4.9mQ1 23P/C 6.95Q2 23 calls: $195.2kQ2 23 puts: $2.8mQ2 23P/C 14.58
Numbers
QuarterCallsPutsP/C
Q3 2022$359.0k$00.00
Q4 2022$899.6k$44.5k0.05
Q1 2023$698.2k$4.9m6.95
Q2 2023$195.2k$2.8m14.58

Biggest buyers

Nantahala Capital Management, LLC New +1,000,000+1.0m
Hillsdale Investment Management Inc. Added +799,800+799.8k
Mill Road Capital Management LLC Added +364,572+364.6k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +267,639+267.6k
KENNEDY CAPITAL MANAGEMENT LLC Added +263,872+263.9k
AWM Investment Company, Inc. Added +239,000+239.0k
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Added +172,552+172.6k
SILVERCREST ASSET MANAGEMENT GROUP LLC Added +161,342+161.3k
D. E. Shaw & Co., Inc. Added +159,260+159.3k
WASATCH ADVISORS LP Added +145,603+145.6k

Biggest sellers

FMR LLC Reduced -7,784,487-7.8m
Woodson Capital Management, LP Sold out -1,450,000-1.4m
EMERALD ADVISERS, LLC Reduced -1,126,227-1.1m
EMERALD MUTUAL FUND ADVISERS TRUST Reduced -837,128-837.1k
Soviero Asset Management, LP Sold out -450,000-450.0k
MARSHALL WACE, LLP Sold out -256,996-257.0k
PROSPECTOR PARTNERS LLC Reduced -233,787-233.8k
Millrace Asset Group, Inc. Sold out -210,526-210.5k
TWO SIGMA INVESTMENTS, LP Sold out -176,508-176.5k
VICTORY CAPITAL MANAGEMENT INC Sold out -154,000-154.0k

Biggest calls

CITADEL ADVISORS LLC Reduced $126.4k37.4k shares
WOLVERINE TRADING, LLC Reduced $40.4k11.4k shares
SIMPLEX TRADING, LLC Reduced $18.0k5.4k shares
GROUP ONE TRADING LLC Reduced $10.5k3.1k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.5m446.6k shares
SIMPLEX TRADING, LLC Reduced $661.0k195.6k shares
GROUP ONE TRADING LLC Reduced $549.6k162.6k shares
CITADEL ADVISORS LLC Reduced $69.6k20.6k shares
WOLVERINE TRADING, LLC Reduced $36.1k10.2k shares
Belvedere Trading LLC Unchanged $20.3k6.0k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
Nantahala Capital Management, LLC 13G · institution filed 2024-11-14 9.9% 4.5m 2024-11-14
Galloway Capital Partners, LLC 13D · may seek influence +2.8 pts · filed 2026-02-24
Stated purposeEach Reporting Person acquired the securities described in this Schedule 13D for investment purposes and intend to review its investment in the Issuer on a continuing basis. Each Reporting Person may from time to time acquire additional securities of the Issuer or retain or sell all or a portion of the shares then held by such Reporting Person, in the open market, block trades, underwritten public offerings or privately negotiated transactions. Any actions any Reporting Person might undertake with respect to its investment in the Issuer may be made at any time and from time to time and will be dependent upon such Reporting Person's review of numerous factors, including, but not limited to: ongoing evaluation of the Issuer's business, financial condition, operations, prospects and strateg… Full filing
8.8% +2.8 pts 512.8k 2026-02-24

Fell to 5% or below in the last year: Diveroli Investment Group LLC (1.3%, 2025-12-03)

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Mill Road Capital Management LLC 11.32% of their portfolio Greenwich, CT 6,190,6916.2m $20.9m $20.9m 11.32% Added +364.6k +364,572
2 FMR LLC 0.00% of their portfolio BOSTON, MA 4,800,8474.8m $16.2m $16.2m 0.00% Reduced -7.8m -7,784,487
3 BlackRock Inc. 0.00% of their portfolio New York, NY 2,608,1992.6m $8.8m $8.8m 0.00% Added +142.9k +142,912
4 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 2,245,3322.2m $7.6m $7.6m 0.00% Reduced -6.1k -6,066
5 ROYCE & ASSOCIATES LP 0.06% of their portfolio New York, NY 1,862,7181.9m $6.3m $6.3m 0.06% Added +110.0k +110,000
6 WASATCH ADVISORS LP 0.03% of their portfolio SALT LAKE CITY, UT 1,520,0021.5m $5.1m $5.1m 0.03% Added +145.6k +145,603
7 KENNEDY CAPITAL MANAGEMENT LLC 0.10% of their portfolio ST LOUIS, MO 1,276,9871.3m $4.3m $4.3m 0.10% Added +263.9k +263,872
8 SILVERCREST ASSET MANAGEMENT GROUP LLC 0.03% of their portfolio NEW YORK, NY 1,139,1961.1m $3.9m $3.9m 0.03% Added +161.3k +161,342
9 Nantahala Capital Management, LLC 0.41% of their portfolio NEW CANAAN, CT 1,000,0001.0m $3.4m $3.4m 0.41% New
10 PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. 0.19% of their portfolio EDINA, MN 931,570931.6k $3.1m $3.1m 0.19% Added +11.9k +11,900
11 AWM Investment Company, Inc. 0.41% of their portfolio NEW YORK, NY 900,444900.4k $3.0m $3.0m 0.41% Added +239.0k +239,000
12 Hillsdale Investment Management Inc. 0.26% of their portfolio Toronto, A6 822,200822.2k $2.8m $2.8m 0.26% Added +799.8k +799,800
13 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 745,143745.1k $2.5m $2.5m 0.00% Reduced -1.5k -1,515
14 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 668,268668.3k $2.3m $2.3m 0.00% Added +7.8k +7,790
15 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 635,905635.9k $2.1m $2.1m 0.00% Reduced -78.7k -78,688
16 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 627,752627.8k $2.1m $2.1m 0.00% Added +159.3k +159,260
17 First Eagle Investment Management, LLC 0.00% of their portfolio NEW YORK, NY 452,191452.2k $1.5m $1.5m 0.00% Added +12.3k +12,293
18 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 395,733395.7k $1.3m $1.3m 0.00% Added +267.6k +267,639
19 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio BOSTON, MA 376,314376.3k $1.3m $1.3m 0.00% Added +172.6k +172,552
20 PROSPECTOR PARTNERS LLC 0.16% of their portfolio GUILFORD, CT 345,971346.0k $1.2m $1.2m 0.16% Reduced -233.8k -233,787
21 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 335,148335.1k $1.1m $1.1m 0.00% Reduced -797 -797
22 Nuveen Asset Management, LLC 0.00% of their portfolio CHICAGO, IL 241,397241.4k $815.9k $815.9k 0.00% Unchanged
23 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 164,212164.2k $555.0k $555.0k 0.00% Reduced -47.1k -47,102
24 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 156,075156.1k $527.5k $527.5k 0.00% Reduced -50.1k -50,095
25 THOMPSON INVESTMENT MANAGEMENT, INC. 0.09% of their portfolio MADISON, WI 155,487155.5k $525.5k $525.5k 0.09% Added +27.2k +27,200
26 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 154,968155.0k $523.8k $523.8k 0.00% Added +111.6k +111,564
27 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 149,121149.1k $504.0k $504.0k 0.00% Added +95.6k +95,641
28 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 142,539142.5k $481.8k $481.8k 0.00% Added +16.8k +16,844
29 SIMPLEX TRADING, LLC 0.02% of their portfolio CHICAGO, IL 141,750141.8k $479.0k $479.0k 0.02% Added +37.5k +37,489
30 Spouting Rock Asset Management, LLC 0.17% of their portfolio BRYN MAWR, PA 138,982139.0k $469.8k $469.8k 0.17% Reduced -28.5k -28,517
31 STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio MADISON, WI 138,800138.8k $469.1k $469.1k 0.00% Added +14.5k +14,500
32 Connor, Clark & Lunn Investment Management Ltd. 0.00% of their portfolio VANCOUVER, A1 138,126138.1k $466.9k $466.9k 0.00% Added +116.3k +116,338
33 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 120,466120.5k $407.2k $407.2k 0.00% Added +799 +799
34 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 112,130112.1k $379.0k $379.0k 0.00% Added +40.0k +40,000
35 GSA CAPITAL PARTNERS LLP 0.04% of their portfolio LONDON, X0 112,076112.1k $379.0k $379.0k 0.04% Reduced -107.3k -107,308
36 BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.01% of their portfolio HOUSTON, TX 111,000111.0k $375.2k $375.2k 0.01% Added +36.0k +36,000
37 EMERALD MUTUAL FUND ADVISERS TRUST 0.02% of their portfolio LEOLA, PA 109,628109.6k $370.5k $370.5k 0.02% Reduced -837.1k -837,128
38 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 108,077108.1k $365.3k $365.3k 0.00% Reduced -1.0k -1,048
39 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 107,919107.9k $364.8k $364.8k 0.00% New
40 XTX Topco Ltd 0.05% of their portfolio LONDON, X0 88,88188.9k $300.4k $300.4k 0.05% Added +75.5k +75,542
41 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 83,12383.1k $281.0k $281.0k 0.00% Reduced -79.7k -79,687
42 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 79,61779.6k $269.1k $269.1k 0.00% Added +317 +317
43 TWO SIGMA ADVISERS, LP 0.00% of their portfolio NEW YORK, NY 72,80072.8k $246.1k $246.1k 0.00% Reduced -102.3k -102,300
44 Cubist Systematic Strategies, LLC 0.00% of their portfolio STAMFORD, CT 66,84366.8k $225.9k $225.9k 0.00% Reduced -33 -33
45 INNOVIS ASSET MANAGEMENT LLC 0.08% of their portfolio Chicago, IL 61,36861.4k $207.4k $207.4k 0.08% Added +428 +428
46 TOWNSQUARE CAPITAL LLC 0.00% of their portfolio Lehi, UT 57,82057.8k $195.4k $195.4k 0.00% Reduced -8.1k -8,120
47 GROUP ONE TRADING LLC 0.01% of their portfolio CHICAGO, IL 53,32153.3k $180.2k $180.2k 0.01% Added +7.3k +7,261
48 Summit Global Investments 0.01% of their portfolio BOUNTIFUL, UT 52,19352.2k $176.0k $176.0k 0.01% Added +24.4k +24,393
49 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 46,82946.8k $158.3k $158.3k 0.00% Reduced -5.5k -5,502
50 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 43,69243.7k $148.0k $148.0k 0.00% Added +6.9k +6,900
51 ALGERT GLOBAL LLC 0.01% of their portfolio SAN FRANCISCO, CA 38,69038.7k $130.8k $130.8k 0.01% Added +20.2k +20,190
52 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 38,00538.0k $128.5k $128.5k 0.00% Added +10.2k +10,197
53 EMERALD ADVISERS, LLC 0.01% of their portfolio LEOLA, PA 37,62137.6k $127.2k $127.2k 0.01% Reduced -1.1m -1,126,227
54 Crescent Grove Advisors, LLC 0.01% of their portfolio LAKE FOREST, IL 35,22235.2k $119.0k $119.0k 0.01% Unchanged
55 Jump Financial, LLC 0.00% of their portfolio Chicago, IL 34,99235.0k $118.3k $118.3k 0.00% New
56 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 34,89934.9k $118.0k $118.0k 0.00% Reduced -1.6k -1,559
57 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 34,10834.1k $115.3k $115.3k 0.00% Reduced -8.7k -8,655
58 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 29,00029.0k $98.0k $98.0k 0.00% Unchanged
59 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 28,37128.4k $95.9k $95.9k 0.00% Added +2.9k +2,885
60 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 27,79327.8k $93.9k $93.9k 0.00% Reduced -20.5k -20,453
61 OCCUDO QUANTITATIVE STRATEGIES LP 0.01% of their portfolio FORT LAUDERDALE, FL 26,80126.8k $90.6k $90.6k 0.01% Reduced -5.4k -5,358
62 Capstone Financial Advisors, Inc. 0.01% of their portfolio DOWNERS GROVE, IL 25,00025.0k $84.5k $84.5k 0.01% Unchanged
63 UBS Group AG 0.00% of their portfolio ZURICH, V8 23,57323.6k $79.7k $79.7k 0.00% Added +9.5k +9,536
64 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 22,10322.1k $74.7k $74.7k 0.00% Unchanged
65 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 19,52219.5k $67.7k $67.7k 0.00% New
66 AMERICAN INTERNATIONAL GROUP, INC. 0.00% of their portfolio New York, NY 19,32519.3k $65.3k $65.3k 0.00% Reduced -414 -414
67 Allspring Global Investments Holdings, LLC 0.00% of their portfolio CHARLOTTE, NC 19,09519.1k $64.5k $64.5k 0.00% Added +11.9k +11,879
68 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 18,27118.3k $61.8k $61.8k 0.00% Reduced -17.0k -17,022
69 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 17,13317.1k $57.9k $57.9k 0.00% Added +8.9k +8,857
70 Mirae Asset Global Investments Co., Ltd. 0.00% of their portfolio SEOUL, M5 16,83316.8k $56.9k $56.9k 0.00% Unchanged
71 Point72 Middle East FZE 0.00% of their portfolio DUBAI, C0 16,40716.4k $55.5k $55.5k 0.00% Added +15.6k +15,626
72 Engineers Gate Manager LP 0.00% of their portfolio NEW YORK, NY 14,63114.6k $49.5k $49.5k 0.00% New
73 STONERIDGE INVESTMENT PARTNERS LLC 0.02% of their portfolio RADNOR, PA 13,81113.8k $47.0k $47.0k 0.02% New
74 Virtu Financial LLC 0.00% of their portfolio New York, NY 13,65513.7k $46.0k $46.0k 0.00% New
75 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 13,35613.4k $45.1k $45.1k 0.00% Reduced -1.9k -1,850
76 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 13,27413.3k $44.9k $44.9k 0.00% Reduced -11.5k -11,455
77 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 13,21113.2k $44.7k $44.7k 0.00% Reduced -51 -51
78 Portside Wealth Group, LLC 0.01% of their portfolio Provo, UT 12,37812.4k $41.8k $41.8k 0.01% First filing
79 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 11,95612.0k $40.4k $40.4k 0.00% New
80 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 11,30011.3k $38.2k $38.2k 0.00% Unchanged
81 JACOBS LEVY EQUITY MANAGEMENT, INC 0.00% of their portfolio FLORHAM PARK, NJ 10,49910.5k $35.5k $35.5k 0.00% Reduced -16.6k -16,586
82 First County Bank /CT/ 0.02% of their portfolio Stamford, CT 10,00010.0k $33.8k $33.8k 0.02% Unchanged
83 AMALGAMATED BANK 0.00% of their portfolio NEW YORK, NY 6,1676.2k $21.0k $21.0k 0.00% Added +466 +466
84 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 5,7095.7k $19.3k $19.3k 0.00% Added +832 +832
85 Belvedere Trading LLC 0.01% of their portfolio CHICAGO, IL 5,3715.4k $18.2k $18.2k 0.01% Added +1.8k +1,816
86 Legal & General Group Plc 0.00% of their portfolio London, X0 4,8584.9k $16.4k $16.4k 0.00% Unchanged
87 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 4,7614.8k $16.1k $16.1k 0.00% Reduced -43.8k -43,820
88 Ameritas Investment Partners, Inc. 0.00% of their portfolio LINCOLN, NE 3,1893.2k $10.8k $10.8k 0.00% Unchanged
89 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 3,0423.0k $10.0k $10.0k 0.00% Reduced -476 -476
90 Metropolitan Life Insurance Co/NY 0.00% of their portfolio New York, NY 2,2822.3k $7.7k $7.7k 0.00% Unchanged
91 Arax Advisory Partners 0.00% of their portfolio NEW YORK, NY 2,1742.2k $7.3k $7.3k 0.00% Unchanged
92 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 2,0892.1k $7.1k $7.1k 0.00% Reduced -187 -187
93 GHP Investment Advisors, Inc. 0.00% of their portfolio Denver, CO 180180 $578 $578 0.00% Unchanged
94 WOLFF WIESE MAGANA LLC 0.00% of their portfolio CARSLBAD, CA 145145 $491 $491 0.00% Unchanged
95 CWM, LLC 0.00% of their portfolio OMAHA, NE 4545 $0 $0 0.00% New
96 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 11 $3 $3 0.00% Unchanged
97 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged