Potbelly Corporation
PBPB • NASDAQ
Potbelly Corporation is a restaurants company in the consumer cyclical sector on NASDAQ, led by Robert D. Wright, with a market cap of $518.0M. As of Q3 2025, 85% of shares are held by 131 institutional investors, with Nierenberg Investment Management Company, Inc. as the largest holder at 9.85%.
President and Chief Executive OfficerRobert D. Wright
Market Cap$518.0M
Restaurants
Consumer Cyclical
Employees5.0K
Websitepotbelly.com
Country
United States of America
Overview
Overview of institutional ownership in PBPB as of Q3 2025 with a market cap of $515.5M
All Institutions
- Institutions
- 131
- Value Held
- $440.6M
- Shares Held
- 25.9M
- Avg Position
- $3.4M
- Median Position
- $419.4K
Hedge Funds
- Hedge Funds
- 28
- Value Held
- $208.9M
- Shares Held
- 12.3M
- Avg Position
- $7.5M
- Median Position
- $1.2M
Ownership Breakdown
Based on market cap of $515.5M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.
Biggest Investors
Institutions with the largest positions in PBPB as of Q3 2025
| Institution | Position Value |
|---|---|
 Nierenberg Investment Management Company, Inc. Hedge Fund•Value | $50.8M 28.07% of portfolio |
B BlackRock, Inc. Institution | $34.2M 0.00% of portfolio |
 GLAZER CAPITAL, LLC Hedge Fund•Multi-Strategy | $27.8M 1.26% of portfolio |
 VANGUARD GROUP INC Institution | $24.7M 0.00% of portfolio |
 WATER ISLAND CAPITAL LLC Hedge Fund•Event Driven | $23.0M 3.59% of portfolio |
F FIL Ltd Institution | $20.6M 0.02% of portfolio |
 BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy | $19.6M 0.04% of portfolio |
 RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant | $19.0M 0.03% of portfolio |
 ARP AMERICAS LLC Hedge Fund•Multi-Strategy | $18.0M 3.31% of portfolio |
 Vivaldi Asset Management, LLC Fund of Funds | $14.6M 0.97% of portfolio |
Net Capital Flow
Institutional buying and selling activity for PBPB in Q3 2025
- Traded
- +$84.2M
- Buyers
- 81
- Sellers
- 66
- Total Bought
- +$210.2M
- Total Sold
- −$126.0M
- Avg Position
- $2.6M
Biggest Buyers
| Institution | Net Bought |
|---|---|
GLAZER CAPITAL, LLC Hedge Fund•Multi-Strategy | +$27.8M +1.6M shares |
WATER ISLAND CAPITAL LLC Hedge Fund•Event Driven | +$23.0M +1.4M shares |
F FIL Ltd Institution | +$20.6M +1.2M shares |
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy | +$19.6M +1.2M shares |
ARP AMERICAS LLC Hedge Fund•Multi-Strategy | +$18.0M +1.1M shares |
Vivaldi Asset Management, LLC Fund of Funds | +$14.6M +857.7K shares |
 ALPINE ASSOCIATES MANAGEMENT INC. Hedge Fund•Merger Arb | +$8.9M +524.3K shares |
 GABELLI FUNDS LLC Long Only Manager | +$7.6M +444.3K shares |
 GABELLI SECURITIES INC Hedge Fund•Multi-Strategy | +$6.6M +386.2K shares |
Q Qube Research & Technologies Ltd Institution | +$5.8M +342.1K shares |
Biggest Sellers
| Institution | Net Sold |
|---|---|
 Portolan Capital Management, LLC Hedge Fund•Long/Short | −$20.4M −1.7M shares |
F First Eagle Investment Management, LLC Long Only Manager | −$12.1M −989.0K shares |
 Western Standard, LLC Hedge Fund•Long/Short | −$11.4M −927.6K shares |
 PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. Long Only Manager | −$10.5M −615.6K shares |
 SILVERCREST ASSET MANAGEMENT GROUP LLC RIA/Wealth | −$7.8M −639.6K shares |
 NEXT CENTURY GROWTH INVESTORS LLC Long Only Manager | −$7.4M −603.0K shares |
 Archon Capital Management LLC Hedge Fund•Long/Short | −$6.7M −546.4K shares |
H HEARTLAND ADVISORS INC Long Only Manager | −$6.2M −365.7K shares |
 CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy | −$4.7M −276.8K shares |
 Marshall Wace LLP Institution | −$4.7M −383.4K shares |
Entry and Exit Activity
Institutions that initiated new positions or completely exited PBPB in Q3 2025
- New Positions
- 30
- New Value
- $128.5M
- Exited Positions
- 36
- Exited Value
- $91.2M
New Positions
| Institution | Position Value |
|---|---|
GLAZER CAPITAL, LLC Hedge Fund•Multi-Strategy | $27.8M 1.6M shares |
WATER ISLAND CAPITAL LLC Hedge Fund•Event Driven | $23.0M 1.4M shares |
F FIL Ltd Institution | $20.6M 1.2M shares |
ARP AMERICAS LLC Hedge Fund•Multi-Strategy | $18.0M 1.1M shares |
ALPINE ASSOCIATES MANAGEMENT INC. Hedge Fund•Merger Arb | $8.9M 524.3K shares |
GABELLI FUNDS LLC Long Only Manager | $7.6M 444.3K shares |
GABELLI SECURITIES INC Hedge Fund•Multi-Strategy | $6.6M 386.2K shares |
O ODDO BHF ASSET MANAGEMENT SAS Institution | $2.0M 117.9K shares |
 Morningstar Investment Management LLC Long Only Manager | $1.8M 102.9K shares |
 Centiva Capital, LP Hedge Fund•Multi-Strategy | $1.7M 100.0K shares |
Exited Positions
| Institution | Previous Position |
|---|---|
Portolan Capital Management, LLC Hedge Fund•Long/Short | $20.4M 1.7M shares |
F First Eagle Investment Management, LLC Long Only Manager | $12.1M 989.0K shares |
Western Standard, LLC Hedge Fund•Long/Short | $11.4M 927.6K shares |
SILVERCREST ASSET MANAGEMENT GROUP LLC RIA/Wealth | $7.8M 639.6K shares |
NEXT CENTURY GROWTH INVESTORS LLC Long Only Manager | $7.4M 603.0K shares |
Archon Capital Management LLC Hedge Fund•Long/Short | $6.7M 546.4K shares |
Marshall Wace LLP Institution | $4.7M 383.4K shares |
S Soviero Asset Management, LP Hedge Fund•Long/Short | $2.9M 240.0K shares |
 Hodges Capital Management Inc. Long Only Manager | $2.8M 227.1K shares |
 ESSEX INVESTMENT MANAGEMENT CO LLC Long Only Manager | $2.7M 220.4K shares |
Options Activity
Institutions with the largest Call and Put options positions in PBPB as of Q3 2025
- Call Positions
- 4
- Call Value
- $1.6M
- Put Positions
- 1
- Put Value
- $460.1K
Call Positions
| Institution | Position Value |
|---|---|
J JANE STREET GROUP, LLC Institution | $775.3K 455.0 contracts |
 SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity | $523.1K 307.0 contracts |
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy | $339.1K 199.0 contracts |
 Crawford Fund Management, LLC Hedge Fund•Long/Short | - - contracts |
Put Positions
| Institution | Position Value |
|---|---|
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity | $460.1K 270.0 contracts |
Most Committed Institutions
Institutions with PBPB as the highest % of their portfolio as of Q3 2025
| Institution | Portfolio Weight |
|---|---|
Nierenberg Investment Management Company, Inc. Hedge Fund•Value | 28.07% $50.8M |
M MONIMUS CAPITAL MANAGEMENT, LP Hedge Fund•Long/Short | 7.60% $9.9M |
WATER ISLAND CAPITAL LLC Hedge Fund•Event Driven | 3.59% $23.0M |
ARP AMERICAS LLC Hedge Fund•Multi-Strategy | 3.31% $18.0M |
B BCK CAPITAL MANAGEMENT LP Hedge Fund•Event Driven | 1.60% $1.4M |
GLAZER CAPITAL, LLC Hedge Fund•Multi-Strategy | 1.26% $27.8M |
GABELLI SECURITIES INC Hedge Fund•Multi-Strategy | 1.08% $6.6M |
Vivaldi Asset Management, LLC Fund of Funds | 0.97% $14.6M |
 Fortis Advisors, LLC Family Office | 0.68% $1.2M |
ALPINE ASSOCIATES MANAGEMENT INC. Hedge Fund•Merger Arb | 0.54% $8.9M |
Hedge Fund Spotlight
Discover hedge funds investing in PBPB
CenterBook Partners LP
Hedge Fund • Market Neutral
Portfolio ManagerDavid Israel Stemerman
- Portfolio Value
- $2.0B
- Positions
- 545
- Last Reported
- Q3 2025
Sector Allocation
Position in Potbelly Corporation
- Market Value
- $1.1M
- Shares Held
- 63.4K
- Portfolio Weight
- 0.05%
- Owned Since
- 2025-Q1
| Top Holding | Sector | Market Value | Weight |
|---|---|---|---|
Specialty Retail Consumer Cyclical | $40.2M | 1.99% | |
Internet Content & Information Communication Services | $35.3M | 1.74% | |
Financial - Credit Services Financial Services | $34.0M | 1.68% |
