Vault-13

POTBELLY CORP PBPB

COM · Common Stock · CUSIP 73754Y100

126 institutional holders +10 vs Q1 2025
23,514,01323.5m shares reported held*
$288.1mreported value*
15 new 42 added 43 reduced 6 sold out net bought ≈ $15.3m (+1.2m 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 ($71.4k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $12.25. Options: 6 managers hold calls ($2.2m notional), 2 hold puts ($72.0k).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 54Q4 22: 56Q1 23: 76Q2 23: 87Q3 23: 92Q4 23: 91Q1 24: 119Q2 24: 111Q3 24: 110Q4 24: 115Q1 25: 116Q2 25: 126126Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202254
Q4 202256
Q1 202376
Q2 202387
Q3 202392
Q4 202391
Q1 2024119
Q2 2024111
Q3 2024110
Q4 2024115
Q1 2025116
Q2 2025126

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q3 23: 38 bought or addedQ3 23: 40 cut or sold outQ4 23: 47 bought or addedQ4 23: 37 cut or sold outQ4 23Q1 24: 70 bought or addedQ1 24: 45 cut or sold outQ2 24: 59 bought or addedQ2 24: 59 cut or sold outQ2 24Q3 24: 57 bought or addedQ3 24: 47 cut or sold outQ4 24: 47 bought or addedQ4 24: 48 cut or sold outQ4 24Q1 25: 55 bought or addedQ1 25: 49 cut or sold outQ2 25: 57 bought or addedQ2 25: 49 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20233840
Q4 20234737
Q1 20247045
Q2 20245959
Q3 20245747
Q4 20244748
Q1 20255549
Q2 20255749

Calls vs puts

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

CallsPuts
$0$1m$2m$3mQ3 24 calls: $824.5kQ3 24 puts: $93.4kQ3 24P/C 0.11Q4 24 calls: $427.7kQ4 24 puts: $1.9kQ4 24P/C 0.00Q1 25 calls: $1.1mQ1 25 puts: $303.3kQ1 25P/C 0.28Q2 25 calls: $2.2mQ2 25 puts: $72.0kQ2 25P/C 0.03
Numbers
QuarterCallsPutsP/C
Q3 2024$824.5k$93.4k0.11
Q4 2024$427.7k$1.9k0.00
Q1 2025$1.1m$303.3k0.28
Q2 2025$2.2m$72.0k0.03

Biggest buyers

Portolan Capital Management, LLC Added +391,090+391.1k
Western Standard LLC Added +226,270+226.3k
MARSHALL WACE, LLP Added +209,900+209.9k
MONIMUS CAPITAL MANAGEMENT, LP Added +165,151+165.2k
ROYAL BANK OF CANADA Added +138,006+138.0k
PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. Added +116,979+117.0k
1492 Capital Management LLC New +114,297+114.3k
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Added +107,847+107.8k
AMERICAN CENTURY COMPANIES INC Added +84,807+84.8k
GSA CAPITAL PARTNERS LLP New +78,277+78.3k

Biggest sellers

Soviero Asset Management, LP Reduced -143,000-143.0k
CITADEL ADVISORS LLC Reduced -104,874-104.9k
BlackRock, Inc. Reduced -90,973-91.0k
Cerity Partners LLC Reduced -69,326-69.3k
MILLENNIUM MANAGEMENT LLC Reduced -67,131-67.1k
Nuveen, LLC Reduced -66,543-66.5k
BOOTHBAY FUND MANAGEMENT, LLC Reduced -54,183-54.2k
CenterBook Partners LP Reduced -47,105-47.1k
Russell Investments Group, Ltd. Reduced -38,285-38.3k
Campbell & CO Investment Adviser LLC Sold out -37,766-37.8k

Biggest calls

Crawford Fund Management, LLC Added $1.1m86.0k shares
CITADEL ADVISORS LLC Added $557.4k45.5k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $485.1k39.6k shares
GROUP ONE TRADING LLC Reduced $64.9k5.3k shares
SIMPLEX TRADING, LLC Reduced $1.0k100 shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

SIMPLEX TRADING, LLC Reduced $72.0k5.9k 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, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Nierenberg Investment Management Company, LLC 21.31% of their portfolio Camas, WA 2,980,5643.0m $36.5m $36.5m 21.31% Unchanged
2 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,894,2021.9m $23.2m $23.2m 0.00% Reduced -91.0k -90,973
3 Portolan Capital Management, LLC 1.28% of their portfolio BOSTON, MA 1,667,7021.7m $20.4m $20.4m 1.28% Added +391.1k +391,090
4 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 1,423,2391.4m $17.4m $17.4m 0.00% Added +1.3k +1,341
5 RENAISSANCE TECHNOLOGIES LLC 0.02% of their portfolio NEW YORK, NY 1,113,5541.1m $13.6m $13.6m 0.02% Reduced -13.1k -13,100
6 First Eagle Investment Management, LLC 0.02% of their portfolio NEW YORK, NY 989,028989.0k $12.1m $12.1m 0.02% Reduced -11.0k -11,000
7 PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. 0.72% of their portfolio EDINA, MN 954,334954.3k $11.7m $11.7m 0.72% Added +117.0k +116,979
8 Western Standard LLC 6.32% of their portfolio Los Angeles, CA 927,593927.6k $11.4m $11.4m 6.32% Added +226.3k +226,270
9 HEARTLAND ADVISORS INC 0.52% of their portfolio MILWAUKEE, WI 765,700765.7k $9.4m $9.4m 0.52% Reduced -1.0k -1,000
10 MONIMUS CAPITAL MANAGEMENT, LP 6.60% of their portfolio WOODBRIDGE, NJ 671,095671.1k $8.2m $8.2m 6.60% Added +165.2k +165,151
11 SILVERCREST ASSET MANAGEMENT GROUP LLC 0.05% of their portfolio NEW YORK, NY 639,649639.6k $7.8m $7.8m 0.05% Unchanged
12 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 608,278608.3k $7.5m $7.5m 0.00% Reduced -16.0k -16,039
13 NEXT CENTURY GROWTH INVESTORS LLC 0.57% of their portfolio PLYMOUTH, MN 603,003603.0k $7.4m $7.4m 0.57% Reduced -15.6k -15,588
14 Archon Capital Management LLC 5.49% of their portfolio Seattle, WA 546,417546.4k $6.7m $6.7m 5.49% Added +18.0k +18,000
15 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 525,521525.5k $6.4m $6.4m 0.00% Added +3.6k +3,622
16 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 509,119509.1k $6.2m $6.2m 0.00% Added +6.3k +6,280
17 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 471,237471.2k $5.8m $5.8m 0.00% Added +84.8k +84,807
18 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio BOSTON, MA 445,780445.8k $5.5m $5.5m 0.00% Added +107.8k +107,847
19 MARSHALL WACE, LLP 0.01% of their portfolio LONDON, X0 383,360383.4k $4.7m $4.7m 0.01% Added +209.9k +209,900
20 Ancora Advisors LLC 0.08% of their portfolio Cleveland, OH 332,912332.9k $4.1m $4.1m 0.08% Added +6.2k +6,191
21 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 315,749315.7k $3.9m $3.9m 0.00% Reduced -104.9k -104,874
22 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 261,610261.6k $3.2m $3.2m 0.00% Added +43.3k +43,278
23 CenterBook Partners LP 0.17% of their portfolio GREENWICH, CT 254,983255.0k $3.1m $3.1m 0.17% Reduced -47.1k -47,105
24 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 250,719250.7k $3.1m $3.1m 0.00% Reduced -38.3k -38,285
25 Soviero Asset Management, LP 2.16% of their portfolio NEW YORK, NY 240,000240.0k $2.9m $2.9m 2.16% Reduced -143.0k -143,000
26 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 236,515236.5k $2.9m $2.9m 0.00% Reduced -66.5k -66,543
27 Hodges Capital Management Inc. 0.27% of their portfolio DALLAS, TX 227,111227.1k $2.8m $2.8m 0.27% Reduced -10.3k -10,274
28 ESSEX INVESTMENT MANAGEMENT CO LLC 0.49% of their portfolio BOSTON, MA 220,446220.4k $2.7m $2.7m 0.49% Reduced -1.5k -1,456
29 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 208,724208.7k $2.6m $2.6m 0.00% Reduced -69.3k -69,326
30 Manatuck Hill Partners, LLC 0.71% of their portfolio WESTPORT, CT 153,100153.1k $1.9m $1.9m 0.71% Reduced -15.4k -15,400
31 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 139,362139.4k $1.7m $1.7m 0.00% Added +138.0k +138,006
32 1492 Capital Management LLC 0.64% of their portfolio MILWAUKEE, WI 114,297114.3k $1.4m $1.4m 0.64% New
33 Trexquant Investment LP 0.01% of their portfolio STAMFORD, CT 97,01697.0k $1.2m $1.2m 0.01% Added +18.2k +18,193
34 TECTONIC ADVISORS LLC 0.06% of their portfolio FRISCO, TX 89,00489.0k $1.1m $1.1m 0.06% Added +1.0k +1,039
35 PANAGORA ASSET MANAGEMENT INC 0.00% of their portfolio BOSTON, MA 86,47886.5k $1.1m $1.1m 0.00% Added +58.2k +58,241
36 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 86,27786.3k $1.1m $1.1m 0.00% Added +31.5k +31,453
37 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 85,96386.0k $1.1m $1.1m 0.00% Added +7.8k +7,791
38 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 79,67879.7k $976.1k $976.1k 0.00% Added +14.1k +14,140
39 GSA CAPITAL PARTNERS LLP 0.07% of their portfolio LONDON, X0 78,27778.3k $959.0k $959.0k 0.07% New
40 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 75,72575.7k $927.6k $927.6k 0.00% Reduced -3.4k -3,420
41 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 73,16973.2k $896.3k $896.3k 0.00% Added +45.8k +45,757
42 VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio San Antonio, TX 71,95072.0k $881.4k $881.4k 0.00% Reduced -2.2k -2,250
43 Fortis Advisors, LLC 0.55% of their portfolio WAYNE, PA 69,96970.0k $857.1k $857.1k 0.55% Unchanged
44 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 66,56266.6k $815.4k $815.4k 0.00% Added +562 +562
45 Legato Capital Management LLC 0.10% of their portfolio San Francisco, CA 65,70165.7k $804.8k $804.8k 0.10% Reduced -161 -161
46 GatePass Capital, LLC 0.53% of their portfolio INDEPENDENCE, OH 65,48665.5k $802.2k $802.2k 0.53% Added +25.0k +25,000
47 BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.02% of their portfolio HOUSTON, TX 62,10062.1k $760.7k $760.7k 0.02% Unchanged
48 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 61,12061.1k $748.7k $748.7k 0.00% Reduced -12.4k -12,394
49 Assenagon Asset Management S.A. 0.00% of their portfolio SENNINGERBERG, N4 60,97261.0k $746.9k $746.9k 0.00% Unchanged
50 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 60,79860.8k $744.8k $744.8k 0.00% Added +24.6k +24,596
51 RAFFLES ASSOCIATES LP 0.76% of their portfolio NEW YORK, NY 59,76159.8k $732.1k $732.1k 0.76% Unchanged
52 Boston Partners 0.00% of their portfolio BOSTON, MA 54,96655.0k $673.3k $673.3k 0.00% Unchanged
53 Dynamic Technology Lab Private Ltd 0.09% of their portfolio SINGAPORE, U0 52,25652.3k $640.0k $640.0k 0.09% Added +35.6k +35,615
54 Quinn Opportunity Partners LLC 0.05% of their portfolio CHARLOTTESVILLE, VA 49,70349.7k $608.9k $608.9k 0.05% Reduced -6.4k -6,360
55 Northern Right Capital Management, L.P. 0.20% of their portfolio DARIEN, CT 48,14748.1k $589.8k $589.8k 0.20% New
56 DHK Financial Advisors, Inc. 0.34% of their portfolio PORTSMOUTH, NH 47,65247.7k $583.7k $583.7k 0.34% Unchanged
57 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 46,09846.1k $564.7k $564.7k 0.00% Added +16.3k +16,282
58 UBS Group AG 0.00% of their portfolio ZURICH, V8 45,72145.7k $560.1k $560.1k 0.00% Added +29.7k +29,688
59 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 42,07042.1k $515.4k $515.4k 0.00% Reduced -1.8k -1,804
60 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 38,00938.0k $465.6k $465.6k 0.00% Reduced -863 -863
61 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 32,02632.0k $392.3k $392.3k 0.00% Reduced -16.8k -16,847
62 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 29,34829.3k $359.5k $359.5k 0.00% Reduced -67.1k -67,131
63 STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio MADISON, WI 28,45128.5k $348.5k $348.5k 0.00% Reduced -2.7k -2,724
64 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 27,02027.0k $331.0k $331.0k 0.00% Reduced -1.2k -1,188
65 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 26,93826.9k $330.0k $330.0k 0.00% Reduced -3.0k -2,960
66 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 25,09825.1k $307.5k $307.5k 0.00% Reduced -87 -87
67 XTX Topco Ltd 0.01% of their portfolio LONDON, X0 20,95321.0k $256.7k $256.7k 0.01% Added +9.7k +9,698
68 Orchard Capital Management, LLC 0.28% of their portfolio CHICAGO, IL 20,88820.9k $255.9k $255.9k 0.28% Unchanged
69 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 20,44620.4k $250.5k $250.5k 0.00% Reduced -499 -499
70 PRUDENTIAL FINANCIAL INC 0.00% of their portfolio NEWARK, NJ 19,72619.7k $241.6k $241.6k 0.00% New
71 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 19,61319.6k $240.3k $240.3k 0.00% Added +299 +299
72 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 19,35719.4k $237.1k $237.1k 0.00% Reduced -730 -730
73 BOOTHBAY FUND MANAGEMENT, LLC 0.01% of their portfolio NEW YORK, NY 17,85617.9k $218.7k $218.7k 0.01% Reduced -54.2k -54,183
74 NorthCoast Asset Management LLC 0.00% of their portfolio STAMFORD, CT 17,39417.4k $213.1k $213.1k 0.00% Unchanged
75 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 17,05917.1k $209.0k $209.0k 0.00% Reduced -4.7k -4,683
76 Divisadero Street Capital Management, LP 0.01% of their portfolio MIAMI, FL 17,00017.0k $208.2k $208.2k 0.01% Unchanged
77 Engineers Gate Manager LP 0.00% of their portfolio NEW YORK, NY 16,11516.1k $197.4k $197.4k 0.00% Added +263 +263
78 INTECH INVESTMENT MANAGEMENT LLC 0.00% of their portfolio WEST PALM BEACH, FL 15,83115.8k $193.9k $193.9k 0.00% Reduced -2.4k -2,401
79 ExodusPoint Capital Management, LP 0.00% of their portfolio NEW YORK, NY 15,68715.7k $192.0k $192.0k 0.00% New
80 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 15,14215.1k $185.5k $185.5k 0.00% Reduced -475 -475
81 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio CAUSEWAY BAY, K3 13,97914.0k $171.2k $171.2k 0.00% Reduced -2.6k -2,586
82 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 13,59113.6k $166.5k $166.5k 0.00% Added +420 +420
83 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 12,78412.8k $157.0k $157.0k 0.00% Added +958 +958
84 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 12,13912.1k $148.7k $148.7k 0.00% Reduced -2.3k -2,325
85 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 11,68411.7k $143.0k $143.0k 0.00% New
86 Kapitalo Investimentos Ltda 0.03% of their portfolio SAO PAULO, D5 11,38211.4k $139.4k $139.4k 0.03% New
87 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 11,17011.2k $136.8k $136.8k 0.00% New
88 Quantinno Capital Management LP 0.00% of their portfolio NEW YORK, NY 11,04911.0k $135.3k $135.3k 0.00% New
89 ZACKS INVESTMENT MANAGEMENT 0.00% of their portfolio Chicago, IL 10,82710.8k $132.6k $132.6k 0.00% Unchanged
90 TWO SIGMA ADVISERS, LP 0.00% of their portfolio NEW YORK, NY 10,80010.8k $132.3k $132.3k 0.00% New
91 FMR LLC 0.00% of their portfolio BOSTON, MA 9,9409.9k $121.8k $121.8k 0.00% Added +317 +317
92 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 9,0929.1k $111.4k $111.4k 0.00% Reduced -10.5k -10,511
93 AdvisorShares Investments LLC 0.02% of their portfolio BETHESDA, MD 8,5008.5k $104.1k $104.1k 0.02% Unchanged
94 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 8,1408.1k $99.0k $99.0k 0.00% New
95 State of Wyoming 0.01% of their portfolio CHEYENNE, WY 5,9365.9k $72.7k $72.7k 0.01% Reduced -10.4k -10,401
96 Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio TRENTON, NJ 5,8315.8k $71.4k $71.4k 0.00% Unchanged
97 SALEM INVESTMENT COUNSELORS INC 0.00% of their portfolio WINSTON-SALEM, NC 5,2395.2k $64.2k $64.2k 0.00% Unchanged
98 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 3,2823.3k $40.2k $40.2k 0.00% Added +332 +332
99 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 3,2053.2k $39.3k $39.3k 0.00% Added +2.0k +1,973
100 Legal & General Group Plc 0.00% of their portfolio London, X0 2,7942.8k $34.2k $34.2k 0.00% Reduced -339 -339