Cannell Capital LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Cannell Capital LLC reported 48 stock positions worth $485.8 million. Its top holding was Cavco Industries (CVCO) at 7.7% of the portfolio, followed by North American Construction (NOA, 7.6%) and Universal Technical Institut (UTI, 7.4%). Compared with Q3 2024, it opened 8 new positions, sold out of 7, added to 21 and reduced 17. The biggest buy was a new position in Caesars Entertainment (CZR) and the biggest sale Arlo Technologies (ARLO, shares −65%).
- Most Recent 13F
- Q2 2026
- Location
- ALTA, WY
- CIK
- 0001058854
- Portfolio Value
- $485.8M (Q4 2024)
- SEC Filing
- 0001941040-25-000151 ↗ filed Feb 13, 2025
Holdings Value
Holdings 48 stocks · $485.8M
| CVCO Cavco Industries Inc. | 7.71% | 83,958 | $37.5M | Add +24.3% |
| NOA North American Construction | 7.56% | 1,700,444 | $36.7M | Reduce -8.7% |
| UTI Universal Technical Institut | 7.45% | 1,407,449 | $36.2M | Reduce -5.5% |
| MDXG Mimedx Group Inc. | 7.21% | 3,639,545 | $35.0M | Add +1.1% |
| GPGI Gpgi Inc. filed as COMPOSECURE INC | 7.19% | 2,278,726 | $34.9M | Add +8.0% |
| TRUE Truecar Inc. | 4.59% | 5,975,782 | $22.3M | Reduce -19.0% |
| SNDL SNDL Inc. | 3.75% | 10,176,305 | $18.2M | Add +23.6% |
| ARKO Arko Corp. | 3.68% | 2,710,772 | $17.9M | Add +55.8% |
| COMP Compass Inc. Class A | 3.45% | 2,865,608 | $16.8M | Add +34.8% |
| CLH Clean Harbors Inc. | 3.38% | 71,412 | $16.4M | Add +17.0% |
| NXDR Nextdoor Holdings Inc. | 3.29% | 6,733,574 | $16.0M | Add +8.4% |
| INSE Inspired Entertainment Inc. | 3.26% | 1,749,364 | $15.8M | Reduce -11.0% |
| TDAY USA Today Co. Inc. filed as GANNETT CO INC | 3.10% | 2,973,170 | $15.0M | Reduce -2.0% |
| LPRO Open Lending Corp. | 3.07% | 2,499,270 | $14.9M | Reduce -3.4% |
| BBW Build-A-Bear Workshop Inc. | 3.00% | 316,977 | $14.6M | Reduce -32.4% |
| PRSU Pursuit Attractions and Hosp filed as VIAD CORP | 2.98% | 340,119 | $14.5M | Reduce -50.8% |
| CZR Caesars Entertainment Inc. | 2.78% | 403,882 | $13.5M | New |
| TIPT Tiptree Inc. | 2.34% | 544,619 | $11.4M | Reduce -28.1% |
| EEX Emerald Holding Inc. | 2.16% | 2,181,027 | $10.5M | Add +5.0% |
| LDI Loandepot Inc. Class A | 1.83% | 4,355,921 | $8.9M | Reduce -12.3% |
| GBLI Global Indemnity Group LLC-A | 1.82% | 245,934 | $8.9M | Add +23.1% |
| SJT San Juan Basin Royalty TR | 1.44% | 1,830,244 | $7.0M | Add +32.0% |
| COLOMBIER ACQUISITION CORP | 1.33% | 549,253 | $6.5M | New |
| SWKH SWK Holdings Corp. filed as SWK HLDGS CORP | 1.16% | 354,326 | $5.6M | Reduce -7.2% |
| ARLO Arlo Technologies Inc. | 1.14% | 494,855 | $5.5M | Reduce -65.0% |
| OSUR Orasure Technologies Inc. | 1.09% | 1,466,229 | $5.3M | Reduce -40.7% |
| SPWH Sportsman's Warehouse Holdin | 1.07% | 1,952,940 | $5.2M | Reduce -22.4% |
| ETON Eton Pharmaceuticals Inc. | 1.05% | 381,323 | $5.1M | New |
| CRON Cronos Group Inc. | 0.68% | 1,645,221 | $3.3M | New |
| LEE Lee Enterprises | 0.65% | 215,158 | $3.2M | Add +0.6% |
| MNTX Manitex International Inc. | 0.52% | 431,450 | $2.5M | Add +10.5% |
| MITK Mitek Systems Inc. | 0.45% | 194,464 | $2.2M | New |
| PPIH Perma-Pipe International Hol | 0.37% | 119,201 | $1.8M | Reduce -4.3% |
| TTSH Tile Shop Hldgs Inc. | 0.36% | 255,507 | $1.8M | Add +57.3% |
| GOLD Gold.com Inc. filed as A-MARK PRECIOUS METALS INC | 0.33% | 58,858 | $1.6M | Add +5.1% |
| GSAT Globalstar Inc. | 0.32% | 759,204 | $1.6M | Add +69.2% |
| LUCK Lucky Strike Entertainment C | 0.30% | 146,781 | $1.5M | Add +20.7% |
| PNRG Primeenergy Resources Corp. | 0.27% | 6,053 | $1.3M | Add +3.2% |
| PRTS Carparts.com Inc. | 0.26% | 1,156,595 | $1.2M | New |
| LAZYDAYS HLDGS INC | 0.24% | 1,219,062 | $1.2M | Add +17.5% |
| DGICA Donegal Group Inc. Class A | 0.23% | 72,100 | $1.1M | No change |
| CONTEXTLOGIC INC - A | 0.23% | 158,169 | $1.1M | Add +156.9% |
| FTHM Fathom Holdings Inc. | 0.23% | 716,594 | $1.1M | Reduce -34.2% |
| CDMO Avid Bioservices Inc. | 0.22% | 86,012 | $1.1M | New |
| WINA Winmark Corp. | 0.18% | 2,200 | $865K | No change |
| FLWS 1-800-Flowers.com Inc. Class A | 0.13% | 76,870 | $628K | New |
| NTIP Network-1 Technologies Inc. | 0.10% | 347,290 | $462K | Reduce -23.0% |
| HYFM Hydrofarm Hldgs Group Inc. | 0.05% | 451,372 | $262K | Add +17.3% |
Options reported separately and not counted above: TRUE calls ($700K).
Other holdings (3): bonds, preferreds, convertibles and warrants · $871K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| CMPOW Composecure Inc. -CW25 | *W EXP 12/27/202 | 150,000 | $698K | Add +192.1% |
| ARKOW Arko Corp. -CW25 | *W EXP 12/22/202 | 302,590 | $136K | New |
| Colombier Acquisition - 29 | *W EXP 11/24/202 | 23,300 | $37K | New |
Total filed on the 13F, all lines: $486.6M.
Portfolio Sells Q3 2024 → Q4 2024
| ARLO Arlo Technologies Inc. | Reduce -65.0% | 1.14% | −2.62 |
| PRSU Pursuit Attractions and Hosp | Reduce -50.8% | 2.98% | −2.45 |
| LMB Limbach Holdings Inc. | Sold out | 0.00% | −1.94 |
| OSUR Orasure Technologies Inc. | Reduce -40.7% | 1.09% | −1.23 |
| LDI Loandepot Inc. Class A | Reduce -12.3% | 1.83% | −1.14 |
| TRUE Truecar Inc. | Reduce -19.0% | 4.59% | −0.99 |
| TIPT Tiptree Inc. | Reduce -28.1% | 2.34% | −0.91 |
| COMPOSECURE HOLDINGS LLC | Sold out | 0.00% | −0.81 |
| INSE Inspired Entertainment Inc. | Reduce -11.0% | 3.26% | −0.74 |
| TDAY USA Today Co. Inc. | Reduce -2.0% | 3.10% | −0.64 |
| BBW Build-A-Bear Workshop Inc. | Reduce -32.4% | 3.00% | −0.53 |
| SPWH Sportsman's Warehouse Holdin | Reduce -22.4% | 1.07% | −0.42 |
| LPRO Open Lending Corp. | Reduce -3.4% | 3.07% | −0.40 |
| FTHM Fathom Holdings Inc. | Reduce -34.2% | 0.23% | −0.39 |
| NBIS Nebius Group NV | Sold out | 0.00% | −0.39 |
| SWKH SWK Holdings Corp. | Reduce -7.2% | 1.16% | −0.29 |
| STIM Neuronetics Inc. | Sold out | 0.00% | −0.22 |
| GRWG Growgeneration Corp. | Sold out | 0.00% | −0.08 |
| APLD Applied Digital Corp. | Sold out | 0.00% | −0.08 |
| NOA North American Construction | Reduce -8.7% | 7.56% | −0.07 |
| NTIP Network-1 Technologies Inc. | Reduce -23.0% | 0.10% | −0.04 |
| TACT Transact Technologies Inc. | Sold out | 0.00% | −0.04 |
| PPIH Perma-Pipe International Hol | Reduce -4.3% | 0.37% | +0.01 |
| UTI Universal Technical Institut | Reduce -5.5% | 7.45% | +2.14 |
Portfolio Buys Q3 2024 → Q4 2024
| CZR Caesars Entertainment Inc. | New | 2.78% | +2.78 |
| MDXG Mimedx Group Inc. | Add +1.1% | 7.21% | +2.54 |
| CVCO Cavco Industries Inc. | Add +24.3% | 7.71% | +1.37 |
| COLOMBIER ACQUISITION CORP | New | 1.33% | +1.33 |
| ETON Eton Pharmaceuticals Inc. | New | 1.05% | +1.05 |
| ARKO Arko Corp. | Add +55.8% | 3.68% | +1.00 |
| GPGI Gpgi Inc. | Add +8.0% | 7.19% | +0.70 |
| CRON Cronos Group Inc. | New | 0.68% | +0.68 |
| COMP Compass Inc. Class A | Add +34.8% | 3.45% | +0.60 |
| MITK Mitek Systems Inc. | New | 0.45% | +0.45 |
| GBLI Global Indemnity Group LLC-A | Add +23.1% | 1.82% | +0.37 |
| SJT San Juan Basin Royalty TR | Add +32.0% | 1.44% | +0.32 |
| PRTS Carparts.com Inc. | New | 0.26% | +0.26 |
| LEE Lee Enterprises | Add +0.6% | 0.65% | +0.25 |
| CDMO Avid Bioservices Inc. | New | 0.22% | +0.22 |
| GSAT Globalstar Inc. | Add +69.2% | 0.32% | +0.20 |
| CONTEXTLOGIC INC - A | Add +156.9% | 0.23% | +0.16 |
| CLH Clean Harbors Inc. | Add +17.0% | 3.38% | +0.15 |
| TTSH Tile Shop Hldgs Inc. | Add +57.3% | 0.36% | +0.13 |
| FLWS 1-800-Flowers.com Inc. Class A | New | 0.13% | +0.13 |
| PNRG Primeenergy Resources Corp. | Add +3.2% | 0.27% | +0.10 |
| MNTX Manitex International Inc. | Add +10.5% | 0.52% | +0.03 |
| SNDL SNDL Inc. | Add +23.6% | 3.75% | +0.03 |
| HYFM Hydrofarm Hldgs Group Inc. | Add +17.3% | 0.05% | −0.00 |
| LUCK Lucky Strike Entertainment C | Add +20.7% | 0.30% | −0.01 |
| NXDR Nextdoor Holdings Inc. | Add +8.4% | 3.29% | −0.09 |
| LAZYDAYS HLDGS INC | Add +17.5% | 0.24% | −0.10 |
| EEX Emerald Holding Inc. | Add +5.0% | 2.16% | −0.11 |
| GOLD Gold.com Inc. | Add +5.1% | 0.33% | −0.21 |
Options Activity Q3 2024 → Q4 2024
| CAVA Cava Group Inc. | put | Sold out | 242,500 | $30.0Mbefore exit |
| TRUE Truecar Inc. | call | New | 187,600 | $700K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024
| CMPOW Composecure Inc. -CW25 | *W EXP 12/27/202 | Add +192.1% | 150,000 | $698K |
| ARKOW Arko Corp. -CW25 | *W EXP 12/22/202 | New | 302,590 | $136K |
| Colombier Acquisition - 29 | *W EXP 11/24/202 | New | 23,300 | $37K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 34 | $143.2M | ASIC, SNDL, NOA, CHEGG INC (CHGG 0 09/01/26), LIFE |
| Q1 2026 | 35 | $154.0M | NOA, SNDL, ASIC, NPKI, ETON |
| Q4 2025 | 36 | $156.7M | NOA, SNDL, NPKI, NGS, MDXG |
| Q3 2025 | 55 | $380.9M | SNDL, GPGI, CVCO, NOA, TPB |
| Q2 2025 | 55 | $320.0M | GPGI, NOA, CVCO, SJT, NPKI |
| Q1 2025 | 45 | $295.7M | NOA, CVCO, GPGI, COMP, SJT |
| Q4 2024 | 48 | $485.8M | CVCO, NOA, UTI, MDXG, GPGI |
| Q3 2024Amended | 47 | $455.9M | NOA, GPGI, CVCO, TRUE, PRSU |
| Q2 2024 | 58 | $418.0M | NOA, TRUE, MDXG, UTI, PRSU |
| Q1 2024 | 52 | $445.4M | NOA, TRUE, CVCO, ARLO, PRSU |