Vault-13

POTBELLY CORP PBPB

COM · Common Stock · CUSIP 73754Y100

119 institutional holders +28 vs Q4 2023
21,277,89421.3m shares reported held*
$257.7mreported value*
38 new 32 added 35 reduced 10 sold out net bought ≈ $28.7m (+2.4m 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 ($9.9k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $12.11. Options: 6 managers hold calls ($2.0m notional), 5 hold puts ($539.9k).

Trends to Q1 2024

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 54Q4 22: 56Q1 23: 76Q2 23: 87Q3 23: 92Q4 23: 91Q1 24: 119119Q3 22Q1 23Q3 23Q1 24
Numbers
QuarterHolders
Q3 202254
Q4 202256
Q1 202376
Q2 202387
Q3 202392
Q4 202391
Q1 2024119

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q4 22: 22 bought or addedQ4 22: 20 cut or sold outQ4 22Q1 23: 54 bought or addedQ1 23: 12 cut or sold outQ1 23Q2 23: 59 bought or addedQ2 23: 32 cut or sold outQ2 23Q3 23: 38 bought or addedQ3 23: 40 cut or sold outQ3 23Q4 23: 47 bought or addedQ4 23: 37 cut or sold outQ4 23Q1 24: 70 bought or addedQ1 24: 45 cut or sold outQ1 24
Numbers
QuarterBought or addedCut or sold out
Q4 20222220
Q1 20235412
Q2 20235932
Q3 20233840
Q4 20234737
Q1 20247045

Calls vs puts

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

CallsPuts
$0$500k$1m$1.5m$2mQ2 23 calls: $714.7kQ2 23 puts: $162.4kQ2 23P/C 0.23Q3 23 calls: $227.6kQ3 23 puts: $765.6kQ3 23P/C 3.36Q4 23 calls: $1.1mQ4 23 puts: $889.7kQ4 23P/C 0.79Q1 24 calls: $2.0mQ1 24 puts: $539.9kQ1 24P/C 0.28
Numbers
QuarterCallsPutsP/C
Q2 2023$714.7k$162.4k0.23
Q3 2023$227.6k$765.6k3.36
Q4 2023$1.1m$889.7k0.79
Q1 2024$2.0m$539.9k0.28

Biggest buyers

Portolan Capital Management, LLC New +1,145,952+1.1m
READYSTATE ASSET MANAGEMENT LP New +516,000+516.0k
SILVERCREST ASSET MANAGEMENT GROUP LLC New +480,630+480.6k
CenterBook Partners LP New +385,407+385.4k
Russell Investments Group, Ltd. Added +208,170+208.2k
Manatuck Hill Partners, LLC New +199,337+199.3k
Western Standard LLC New +182,335+182.3k
MORGAN STANLEY Added +180,469+180.5k
NEXT CENTURY GROWTH INVESTORS LLC New +169,238+169.2k
Hodges Capital Management Inc. New +116,470+116.5k

Biggest sellers

Archon Capital Management LLC Reduced -834,120-834.1k
VANGUARD GROUP INC Reduced -341,121-341.1k
Cerity Partners LLC Sold out -279,182-279.2k
HEARTLAND ADVISORS INC Reduced -255,850-255.8k
AMERICAN FINANCIAL GROUP INC Sold out -100,000-100.0k
Soviero Asset Management, LP Reduced -95,610-95.6k
PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. Reduced -85,805-85.8k
RENAISSANCE TECHNOLOGIES LLC Reduced -84,706-84.7k
Walleye Capital LLC Sold out -28,474-28.5k
Assenagon Asset Management S.A. Reduced -26,258-26.3k

Biggest calls

Crawford Fund Management, LLC Added $1.1m93.5k shares
SIMPLEX TRADING, LLC Added $372.0k30.8k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $271.3k22.4k shares
CITADEL ADVISORS LLC Added $179.2k14.8k shares
GROUP ONE TRADING LLC Reduced $3.6k300 shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

CITADEL ADVISORS LLC Added $284.6k23.5k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $188.9k15.6k shares
SIMPLEX TRADING, LLC Added $64.0k5.3k shares
GROUP ONE TRADING LLC Reduced $2.4k200 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
Nierenberg Investment Management Company, Inc. 13D · may seek influence filed 2025-03-17
Stated purposeItem 4 of the Schedule 13D is hereby amended to add the following Language: On March14, 2025, the Reporting Persons submitted a letter to the Board of Directors of the issuer (the "March 14 Letter"). The full text of the March 14 Letter is attached hereto as Exhibit 99.1. Full filing
 10.3% 3.1m 2025-03-17
Portolan Capital Management, LLC 13G · passive investor new · filed 2025-06-27 5.5% new 1.7m 2025-06-27
GLAZER CAPITAL, LLC 13G · passive investor new · filed 2025-09-29 5.3% new 1.6m 2025-09-29

Holders, Q1 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Nierenberg Investment Management Company, LLC 20.04% of their portfolio Camas, WA 2,829,8602.8m $34.3m $34.3m 20.04% Unchanged
2 BlackRock Inc. 0.00% of their portfolio New York, NY 1,855,6281.9m $22.5m $22.5m 0.00% Added +36.0k +36,030
3 RENAISSANCE TECHNOLOGIES LLC 0.03% of their portfolio NEW YORK, NY 1,384,4481.4m $16.8m $16.8m 0.03% Reduced -84.7k -84,706
4 Soviero Asset Management, LP 10.81% of their portfolio NEW YORK, NY 1,306,7001.3m $15.8m $15.8m 10.81% Reduced -95.6k -95,610
5 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 1,238,4601.2m $15.0m $15.0m 0.00% Reduced -341.1k -341,121
6 PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. 0.85% of their portfolio EDINA, MN 1,235,5551.2m $15.0m $15.0m 0.85% Reduced -85.8k -85,805
7 Portolan Capital Management, LLC 1.06% of their portfolio BOSTON, MA 1,145,9521.1m $13.9m $13.9m 1.06% New
8 First Eagle Investment Management, LLC 0.02% of their portfolio NEW YORK, NY 859,128859.1k $10.4m $10.4m 0.02% Added +44.4k +44,400
9 HEARTLAND ADVISORS INC 0.45% of their portfolio MILWAUKEE, WI 705,050705.0k $8.5m $8.5m 0.45% Reduced -255.8k -255,850
10 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 545,579545.6k $6.6m $6.6m 0.00% Reduced -3.7k -3,723
11 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 533,126533.1k $6.5m $6.5m 0.00% Added +18.2k +18,167
12 READYSTATE ASSET MANAGEMENT LP 0.22% of their portfolio CHICAGO, IL 516,000516.0k $6.2m $6.2m 0.22% New
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 492,083492.1k $6.0m $6.0m 0.00% Added +10.4k +10,410
14 SILVERCREST ASSET MANAGEMENT GROUP LLC 0.04% of their portfolio NEW YORK, NY 480,630480.6k $5.8m $5.8m 0.04% New
15 Archon Capital Management LLC 2.65% of their portfolio Seattle, WA 462,671462.7k $5.6m $5.6m 2.65% Reduced -834.1k -834,120
16 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 405,717405.7k $4.9m $4.9m 0.00% Added +180.5k +180,469
17 CenterBook Partners LP 0.32% of their portfolio GREENWICH, CT 385,407385.4k $4.7m $4.7m 0.32% New
18 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 300,736300.7k $3.6m $3.6m 0.01% Added +208.2k +208,170
19 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio BOSTON, MA 254,481254.5k $3.1m $3.1m 0.00% Added +58.2k +58,165
20 Nuveen Asset Management, LLC 0.00% of their portfolio CHICAGO, IL 250,124250.1k $3.0m $3.0m 0.00% Added +36.1k +36,090
21 LOS ANGELES CAPITAL MANAGEMENT LLC 0.01% of their portfolio LOS ANGELES, CA 243,662243.7k $3.0m $3.0m 0.01% Added +54.7k +54,667
22 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 216,459216.5k $2.6m $2.6m 0.00% Reduced -2.5k -2,517
23 Manatuck Hill Partners, LLC 1.06% of their portfolio WESTPORT, CT 199,337199.3k $2.4m $2.4m 1.06% New
24 Western Standard LLC 2.08% of their portfolio Los Angeles, CA 182,335182.3k $2.2m $2.2m 2.08% New
25 NEXT CENTURY GROWTH INVESTORS LLC 0.18% of their portfolio PLYMOUTH, MN 169,238169.2k $2.0m $2.0m 0.18% New
26 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 167,604167.6k $2.0m $2.0m 0.00% Added +78.7k +78,716
27 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 144,893144.9k $1.8m $1.8m 0.00% Added +25.8k +25,820
28 Assenagon Asset Management S.A. 0.00% of their portfolio SENNINGERBERG, N4 139,460139.5k $1.7m $1.7m 0.00% Reduced -26.3k -26,258
29 Millrace Asset Group, Inc. 1.67% of their portfolio BERWYN, PA 137,480137.5k $1.7m $1.7m 1.67% Added +4.0k +4,023
30 Ancora Advisors LLC 0.04% of their portfolio Cleveland, OH 132,548132.5k $1.6m $1.6m 0.04% Reduced -18.1k -18,050
31 Hodges Capital Management Inc. 0.09% of their portfolio DALLAS, TX 116,470116.5k $1.4m $1.4m 0.09% New
32 TWO SIGMA ADVISERS, LP 0.00% of their portfolio NEW YORK, NY 116,300116.3k $1.4m $1.4m 0.00% Added +11.5k +11,500
33 GSA CAPITAL PARTNERS LLP 0.08% of their portfolio LONDON, X0 86,12186.1k $1.0m $1.0m 0.08% Added +12.8k +12,758
34 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 85,04885.0k $1.0m $1.0m 0.00% Added +17.7k +17,660
35 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 81,46781.5k $986.6k $986.6k 0.00% Added +48.1k +48,064
36 BOOTHBAY FUND MANAGEMENT, LLC 0.03% of their portfolio NEW YORK, NY 79,48079.5k $962.5k $962.5k 0.03% New
37 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 78,03678.0k $945.0k $945.0k 0.00% Reduced -8.8k -8,844
38 RAFFLES ASSOCIATES LP 1.05% of their portfolio NEW YORK, NY 74,76174.8k $905.4k $905.4k 1.05% Reduced -15.0k -15,000
39 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 71,30771.3k $863.5k $863.5k 0.00% Added +96 +96
40 Fortis Advisors, LLC 0.57% of their portfolio WAYNE, PA 69,96970.0k $847.3k $847.3k 0.57% Unchanged
41 FIRST TRUST ADVISORS LP 0.00% of their portfolio Wheaton, IL 68,22068.2k $826.1k $826.1k 0.00% Added +2.1k +2,063
42 Informed Momentum Co LLC 0.13% of their portfolio SOLANA BEACH, CA 67,23167.2k $814.2k $814.2k 0.13% Reduced -6.5k -6,464
43 ClariVest Asset Management LLC 0.08% of their portfolio SAN DIEGO, CA 67,12667.1k $812.9k $812.9k 0.08% New
44 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 64,48864.5k $781.0k $781.0k 0.00% Added +45.7k +45,666
45 Engineers Gate Manager LP 0.02% of their portfolio NEW YORK, NY 63,89963.9k $773.8k $773.8k 0.02% Added +35.5k +35,451
46 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 61,69361.7k $747.0k $747.0k 0.00% Added +5.0k +4,971
47 Campbell & CO Investment Adviser LLC 0.06% of their portfolio BALTIMORE, MD 60,03460.0k $727.0k $727.0k 0.06% Added +14.8k +14,765
48 VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio San Antonio, TX 58,01658.0k $702.6k $702.6k 0.00% Reduced -10.3k -10,284
49 Trexquant Investment LP 0.01% of their portfolio STAMFORD, CT 54,80154.8k $663.6k $663.6k 0.01% New
50 Boston Partners 0.00% of their portfolio BOSTON, MA 52,81352.8k $639.6k $639.6k 0.00% Reduced -23.0k -23,045
51 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 52,11852.1k $631.1k $631.1k 0.00% Added +16.6k +16,640
52 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 51,97052.0k $629.4k $629.4k 0.00% Added +16.9k +16,871
53 Connor, Clark & Lunn Investment Management Ltd. 0.00% of their portfolio VANCOUVER, A1 42,39042.4k $513.3k $513.3k 0.00% Reduced -10.9k -10,853
54 Lombard Odier Asset Management (USA) Corp 0.06% of their portfolio New York, NY 35,16235.2k $425.8k $425.8k 0.06% New
55 Calamos Advisors LLC 0.00% of their portfolio NAPERVILLE, IL 31,91531.9k $386.5k $386.5k 0.00% New
56 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 30,99731.0k $375.4k $375.4k 0.00% New
57 XTX Topco Ltd 0.05% of their portfolio LONDON, X0 29,78229.8k $360.7k $360.7k 0.05% Added +12.8k +12,811
58 Y-Intercept (Hong Kong) Ltd 0.03% of their portfolio HONG KONG, K3 29,18929.2k $353.5k $353.5k 0.03% New
59 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 28,90728.9k $350.1k $350.1k 0.00% Added +1.1k +1,123
60 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 27,77927.8k $336.4k $336.4k 0.00% New
61 FEDERATED HERMES, INC. 0.00% of their portfolio PITTSBURGH, PA 27,13427.1k $328.6k $328.6k 0.00% Added +26.7k +26,656
62 Cubist Systematic Strategies, LLC 0.00% of their portfolio STAMFORD, CT 26,98727.0k $326.8k $326.8k 0.00% New
63 UBS Group AG 0.00% of their portfolio ZURICH, V8 26,91226.9k $325.9k $325.9k 0.00% Reduced -6.0k -5,951
64 Next Level Private LLC 0.15% of their portfolio HARRISON, NY 26,85326.9k $325.2k $325.2k 0.15% New
65 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 26,75026.8k $323.9k $323.9k 0.00% Reduced -500 -500
66 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 25,18525.2k $305.0k $305.0k 0.00% Unchanged
67 BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.01% of their portfolio HOUSTON, TX 22,70022.7k $274.9k $274.9k 0.01% Reduced -1.3k -1,300
68 TECTONIC ADVISORS LLC 0.02% of their portfolio FRISCO, TX 22,41822.4k $271.5k $271.5k 0.02% New
69 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 22,38522.4k $271.1k $271.1k 0.00% Added +1.5k +1,472
70 Orchard Capital Management, LLC 0.07% of their portfolio CHICAGO, IL 20,88820.9k $253.0k $253.0k 0.07% Unchanged
71 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 20,37720.4k $246.8k $246.8k 0.00% Reduced -17.6k -17,579
72 BANTAMAC CAPITAL, LLC 0.11% of their portfolio CHICAGO, IL 15,70215.7k $190.2k $190.2k 0.11% New
73 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.00% of their portfolio Stamford, CT 15,57715.6k $188.6k $188.6k 0.00% Reduced -1.0k -1,001
74 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 14,54314.5k $176.1k $176.1k 0.00% Added +7.8k +7,796
75 TWO SIGMA SECURITIES, LLC 0.01% of their portfolio NEW YORK, NY 14,36614.4k $174.0k $174.0k 0.01% New
76 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 13,92413.9k $168.6k $168.6k 0.00% Unchanged
77 OCCUDO QUANTITATIVE STRATEGIES LP 0.03% of their portfolio FORT LAUDERDALE, FL 13,24013.2k $160.3k $160.3k 0.03% Reduced -969 -969
78 State of Wyoming 0.03% of their portfolio CHEYENNE, WY 13,00413.0k $157.5k $157.5k 0.03% Added +3.9k +3,906
79 AMERICAN INTERNATIONAL GROUP, INC. 0.00% of their portfolio New York, NY 12,86412.9k $155.8k $155.8k 0.00% Reduced -110 -110
80 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 12,19812.2k $147.7k $147.7k 0.00% Reduced -239 -239
81 Shay Capital LLC 0.04% of their portfolio NEW YORK, NY 11,82011.8k $143.1k $143.1k 0.04% New
82 AlphaQuest LLC 0.02% of their portfolio New York, NY 10,68610.7k $129.4k $129.4k 0.02% New
83 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 10,45210.5k $126.6k $126.6k 0.00% Reduced -8.3k -8,317
84 AXQ CAPITAL, LP 0.03% of their portfolio JERSEY CITY, NJ 10,20910.2k $123.6k $123.6k 0.03% New
85 WOLVERINE TRADING, LLC 0.00% of their portfolio CHICAGO, IL 10,13010.1k $122.7k $122.7k 0.00% New
86 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 9,4029.4k $113.9k $113.9k 0.00% Reduced -34 -34
87 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 9,3919.4k $113.7k $113.7k 0.00% Reduced -15.0k -15,026
88 AdvisorShares Investments LLC 0.02% of their portfolio BETHESDA, MD 8,1008.1k $98.1k $98.1k 0.02% New
89 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 7,4057.4k $90.0k $90.0k 0.00% Reduced -915 -915
90 SALEM INVESTMENT COUNSELORS INC 0.00% of their portfolio WINSTON-SALEM, NC 5,2395.2k $63.4k $63.4k 0.00% Unchanged
91 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 4,3504.3k $52.7k $52.7k 0.00% Added +532 +532
92 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 3,9093.9k $47.3k $47.3k 0.00% New
93 nVerses Capital, LLC 0.10% of their portfolio WELLINGTON, FL 3,4003.4k $41.2k $41.2k 0.10% New
94 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 2,6242.6k $31.8k $31.8k 0.00% Reduced -1.7k -1,672
95 Point72 (DIFC) Ltd 0.00% of their portfolio DUBAI, C0 2,5652.6k $31.1k $31.1k 0.00% First filing
96 EntryPoint Capital, LLC 0.03% of their portfolio NEW YORK, NY 2,5502.5k $30.9k $30.9k 0.03% Reduced -2.1k -2,074
97 Legal & General Group Plc 0.00% of their portfolio London, X0 2,5382.5k $30.7k $30.7k 0.00% Reduced -478 -478
98 Ameritas Investment Partners, Inc. 0.00% of their portfolio LINCOLN, NE 2,1552.2k $26.1k $26.1k 0.00% Unchanged
99 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 1,6751.7k $20.3k $20.3k 0.00% Added +1.1k +1,150
100 Metropolitan Life Insurance Co/NY 0.00% of their portfolio New York, NY 1,4431.4k $17.5k $17.5k 0.00% Unchanged