Papa John's International

PZZA • NASDAQ

Papa John's International is a restaurants company in the consumer cyclical sector on NASDAQ, led by Todd A. Penegor, with a market cap of $1.4B. As of Q3 2025, 111% of shares are held by 265 institutional investors, with BlackRock, Inc. as the largest holder at 14.24%.

President and Chief Executive OfficerTodd A. Penegor

Market Cap$1.4B

Restaurants

Consumer Cyclical

Employees13.2K

Websitepapajohns.com

Country

United States of America

Overview

Overview of institutional ownership in PZZA as of Q3 2025 with a market cap of $1.6B

All Institutions

Institutions: 265
Value Held: $1.8B
Shares Held: 36.5M
Avg Position: $6.6M
Median Position: $453.2K

Hedge Funds

Hedge Funds: 30
Value Held: $273.7M
Shares Held: 5.7M
Avg Position: $9.1M
Median Position: $977.4K

Ownership Breakdown

Institutional (non-HF)

93.87%

$1.5B

Hedge Funds

17.35%

$273.7M

Retail & Other

Based on market cap of $1.6B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in PZZA as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$224.6M 0.00% of portfolio	14.24% 4.7M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$175.0M 0.00% of portfolio	11.09% 3.6M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$80.2M 0.01% of portfolio	5.09% 1.7M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
I Irth Capital Management LP Hedge Fund•Event Driven	Matthew Robert Bradshaw CIO	$78.4M 100.00% of portfolio	4.97% 1.6M shares	Q4 2024 Held for 11 months	$78.4M
EARNEST PARTNERS LLC Long Only Manager	Paul Ernest Viera CEO	$78.4M 0.34% of portfolio	4.97% 1.6M shares	Q1 2023 Held for 2y 8m	$23.1B
D DEPRINCE RACE & ZOLLO INC Long Only Manager	Jr. Victor Zollo CEO	$77.8M 1.55% of portfolio	4.93% 1.6M shares	Q3 2023 Held for 2y 2m	$5.0B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$60.6M 0.00% of portfolio	3.84% 1.3M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
SEGALL BRYANT & HAMILL Long Only Manager	Carolyn B Goldhaber President	$56.5M 0.75% of portfolio	3.58% 1.2M shares	Q1 2019 Held for 6y 8m	$7.5B
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	Anthony Ryan CEO	$53.4M 0.03% of portfolio	3.38% 1.1M shares	Q3 2023 Held for 2y 2m	$158.92B
Irenic Capital Management LP Hedge Fund•Activist	Adam Jason Katz CIO	$51.7M 11.02% of portfolio	3.28% 1.1M shares	Q3 2025 Held for 2 months	$469.3M

Net Capital Flow

Institutional buying and selling activity for PZZA in Q3 2025

Traded: +$39.4M
Buyers: 132
Sellers: 137
Total Bought: +$196.2M
Total Sold: −$156.9M
Avg Position: $5.6M

Biggest Buyers

Institution	Net Bought	Current Position
Irenic Capital Management LP Hedge Fund•Activist	+$51.7M +1.1M shares	$51.7M 1.1M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$25.3M +524.8K shares	$32.4M 672.3K shares
IMC-Chicago, LLC RIA/Wealth	+$16.9M +350.2K shares	$16.9M 350.2K shares
Gradient Investments LLC RIA/Wealth	+$13.0M +270.7K shares	$13.0M 270.7K shares
C CANTOR FITZGERALD, L. P. Institution	+$12.4M +257.0K shares	$12.4M 257.0K shares
SEGALL BRYANT & HAMILL Long Only Manager	+$12.1M +251.6K shares	$56.5M 1.2M shares
GOLDMAN SACHS GROUP INC Institution	+$5.5M +114.3K shares	$19.9M 413.0K shares
H Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp Institution	+$5.1M +106.6K shares	$11.4M 235.7K shares
T T. Rowe Price Investment Management, Inc. Insurance Manager	+$4.9M +102.6K shares	$49.7M 1.0M shares
N NOMURA HOLDINGS INC Institution	+$3.4M +71.4K shares	$4.0M 83.4K shares

Biggest Sellers

Institution	Net Sold	Current Position
River Road Asset Management, LLC Long Only Manager	−$20.7M −429.3K shares	$6.1M 127.3K shares
BARCLAYS PLC Institution	−$14.6M −304.2K shares	$3.2M 66.9K shares
B BlackRock, Inc. Institution	−$11.5M −238.8K shares	$224.6M 4.7M shares
Arvin Capital Management LP Hedge Fund•Long/Short	−$10.0M −203.9K shares	Sold Off 0 shares
Verition Fund Management LLC Hedge Fund•Multi-Strategy	−$5.3M −110.8K shares	$1.1M 22.6K shares
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC Long Only Manager	−$4.5M −92.6K shares	Sold Off 0 shares
S Shay Capital LLC Institution	−$4.1M −83.5K shares	Sold Off 0 shares
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	−$4.0M −81.1K shares	Sold Off 0 shares
Taconic Capital Advisors LP RIA/Wealth	−$3.8M −77.9K shares	Sold Off 0 shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$3.6M −72.9K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited PZZA in Q3 2025

New Positions: 16
New Value: $68.0M
Exited Positions: 46
Exited Value: $51.9M

New Positions

Institution	Position Value
Irenic Capital Management LP Hedge Fund•Activist	$51.7M 1.1M shares
C CANTOR FITZGERALD, L. P. Institution	$12.4M 257.0K shares
Mattson Financial Services, LLC RIA/Wealth	$973.5K 20.2K shares
S Sunpointe, LLC Institution	$532.4K 11.1K shares
B Brown Financial Advisors RIA/Wealth	$442.5K 9.2K shares
B BANQUE PICTET & CIE SA Institution	$413.3K 8.6K shares
C Copley Financial Group, Inc. RIA/Wealth	$403.2K 8.4K shares
SILVER OAK SECURITIES, Inc RIA/Wealth	$353.8K 7.3K shares
A4 Wealth Advisors LLC RIA/Wealth	$277.9K 5.8K shares
Sonora Investment Management Group, LLC RIA/Wealth	$233.5K 4.9K shares

Exited Positions

Institution	Previous Position
Arvin Capital Management LP Hedge Fund•Long/Short	$10.0M 203.9K shares
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC Long Only Manager	$4.5M 92.6K shares
S Shay Capital LLC Institution	$4.1M 83.5K shares
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	$4.0M 81.1K shares
Taconic Capital Advisors LP RIA/Wealth	$3.8M 77.9K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$3.6M 72.9K shares
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	$3.2M 65.5K shares
WBI INVESTMENTS ETF Provider	$1.9M 37.8K shares
Twin Securities, Inc. Hedge Fund•Event Driven	$1.7M 35.2K shares
C Campbell & CO Investment Adviser LLC Hedge Fund•Quant Macro	$1.7M 34.9K shares

Options Activity

Institutions with the largest Call and Put options positions in PZZA as of Q3 2025

Call Positions: 24
Call Value: $104.2M
Put Positions: 14
Put Value: $44.6M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$27.4M 5.7K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$22.6M 4.7K contracts
J JANE STREET GROUP, LLC Institution	$14.0M 2.9K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$5.2M 1.1K contracts
C CREDIT INDUSTRIEL ET COMMERCIAL Institution	$4.8M 1.0K contracts
A Athos Capital Ltd Institution	$4.8M 1.0K contracts
Walleye Trading LLC RIA/Wealth	$3.7M 762.0 contracts
W WOLVERINE TRADING, LLC Institution	$3.3M 685.0 contracts
Arvin Capital Management LP Hedge Fund•Long/Short	$3.2M 658.0 contracts
D D. E. Shaw & Co., Inc. Institution	$3.0M 616.0 contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$11.5M 2.4K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$11.2M 2.3K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$5.5M 1.1K contracts
W WOLVERINE TRADING, LLC Institution	$4.3M 901.0 contracts
J JANE STREET GROUP, LLC Institution	$3.5M 735.0 contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$3.1M 639.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$3.0M 633.0 contracts
Walleye Trading LLC RIA/Wealth	$1.6M 327.0 contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$910.0K 189.0 contracts
P PEAK6 LLC Institution	$57.8K 12.0 contracts

Most Committed Institutions

Institutions with PZZA as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
I Irth Capital Management LP Hedge Fund•Event Driven	Matthew Robert Bradshaw CIO	100.00% $78.4M	4.97% 1.6M shares	Q4 2024 Held for 11 months	$78.4M
Irenic Capital Management LP Hedge Fund•Activist	Adam Jason Katz CIO	11.02% $51.7M	3.28% 1.1M shares	Q3 2025 Held for 2 months	$469.3M
Penn Mutual Asset Management, LLC Insurance Manager	David Michael O'Malley Chairman	1.98% $804.1K	0.05% 16.7K shares	Q1 2025 Held for 8 months	$40.7M
M MONIMUS CAPITAL MANAGEMENT, LP Hedge Fund•Long/Short	Brian Jeffrey Bellinger Managing Partner	1.93% $2.5M	0.16% 52.4K shares	Q1 2025 Held for 8 months	$130.6M
Templeton & Phillips Capital Management, LLC Hedge Fund•Long/Short	Lauren Cortney Templeton Managing Partner	1.81% $2.5M	0.16% 52.3K shares	Q3 2024 Held for 1y 2m	$139.0M
S Sapience Investments, LLC Long Only Manager	Samir (Nmn) Sikka CEO	1.79% $457.3K	0.03% 9.5K shares	Q3 2024 Held for 1y 2m	$25.5M
Barnett & Company, Inc. RIA/Wealth	Rodrigo Fernandez Tinoco Member	1.78% $2.3M	0.15% 47.9K shares	Q1 2025 Held for 8 months	$129.3M
D DEPRINCE RACE & ZOLLO INC Long Only Manager	Jr. Victor Zollo CEO	1.55% $77.8M	4.93% 1.6M shares	Q3 2023 Held for 2y 2m	$5.0B
Savoir Faire Capital Management, L.P. Hedge Fund•Long/Short	Brian Michael Crombie Managing Partner	1.34% $3.7M	0.24% 77.5K shares	Q3 2023 Held for 2y 2m	$278.8M
L Long Focus Capital Management, LLC Hedge Fund•Global Macro	John Byron Helmers CEO	0.88% $15.0M	0.95% 310.6K shares	Q4 2024 Held for 11 months	$1.7B

Hedge Fund Spotlight

Discover hedge funds investing in PZZA

AQR CAPITAL MANAGEMENT LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerDavid Gary Kabiller

Portfolio Value: $156.17B
Positions: 3,453
Last Reported: Q3 2025

Sector Allocation

Position in Papa John's International

Market Value: $2.5M
Shares Held: 52.4K
Portfolio Weight: 0.00%
Owned Since: 2023-Q3

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