Cannell Capital LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Cannell Capital LLC reported 55 stock positions worth $380.9 million. Its top holding was SNDL (SNDL) at 6.3% of the portfolio, followed by Gpgi (GPGI, 5.5%) and Cavco Industries (CVCO, 4.9%). Compared with Q2 2025, it opened 8 new positions, sold out of 8, added to 23 and reduced 19. The biggest buy was Turning Point Brands (TPB, shares +199%) and the biggest sale Gpgi (GPGI, shares −52%).
- Most Recent 13F
- Q2 2026
- Location
- ALTA, WY
- CIK
- 0001058854
- Portfolio Value
- $380.9M (Q3 2025)
- SEC Filing
- 0001420506-25-003414 ↗ filed Nov 14, 2025
Holdings Value
Holdings 55 stocks · $380.9M
| SNDL SNDL Inc. | 6.30% | 8,951,755 | $24.0M | No change |
| GPGI Gpgi Inc. filed as COMPOSECURE INC | 5.49% | 1,005,077 | $20.9M | Reduce -52.0% |
| CVCO Cavco Industries Inc. | 4.90% | 32,161 | $18.7M | Reduce -32.2% |
| NOA North American Construction | 4.86% | 1,303,978 | $18.5M | Reduce -15.7% |
| TPB Turning Point Brands Inc. | 4.67% | 180,100 | $17.8M | Add +198.8% |
| NPKI NPK International Inc. | 4.32% | 1,454,204 | $16.4M | Reduce -4.2% |
| COMP Compass Inc. Class A | 3.84% | 1,821,131 | $14.6M | Add +11.5% |
| MDXG Mimedx Group Inc. | 3.69% | 2,013,840 | $14.1M | Reduce -2.9% |
| LINC Lincoln Educational Services | 3.56% | 576,505 | $13.5M | Add +248.6% |
| NGS Natural Gas Services Group | 2.64% | 359,021 | $10.0M | Add +8.3% |
| ETON Eton Pharmaceuticals Inc. | 2.60% | 455,405 | $9.9M | Add +17.3% |
| OPRT Oportun Financial Corp. | 2.38% | 1,470,870 | $9.1M | Reduce -8.1% |
| LUXE Luxexperience BV | 2.33% | 1,045,962 | $8.9M | Add +156.1% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 2.33% | 108,799 | $8.9M | Add +307.3% |
| PDFS PDF Solutions Inc. | 2.29% | 337,315 | $8.7M | New |
| GBLI Global Indemnity Group LLC-A | 2.15% | 282,313 | $8.2M | No change |
| SRTA Strata Critical Medical Inc. | 2.12% | 1,598,489 | $8.1M | Add +85.3% |
| ASR Grupo Aeroportuario Sur-ADR | 2.05% | 24,120 | $7.8M | Add +137.2% |
| NATL NCR Atleos Corp. | 2.04% | 197,650 | $7.8M | New |
| NXDR Nextdoor Holdings Inc. | 2.04% | 3,711,008 | $7.8M | Reduce -31.5% |
| CRTO Criteo SA-Spon | 1.95% | 328,543 | $7.4M | New |
| SJT San Juan Basin Royalty TR | 1.92% | 1,213,124 | $7.3M | Reduce -45.6% |
| WTTR Select Water Solutions Inc. | 1.89% | 672,830 | $7.2M | No change |
| OSUR Orasure Technologies Inc. | 1.77% | 2,099,815 | $6.7M | Add +12.6% |
| PINS Pinterest Inc. Class A | 1.74% | 206,468 | $6.6M | Add +147.0% |
| SVV Savers Value Village Inc. | 1.73% | 498,654 | $6.6M | Add +26.1% |
| MATW Matthews Intl Corp. Class A | 1.70% | 267,369 | $6.5M | Add +7.9% |
| MGNI Magnite Inc. | 1.52% | 265,152 | $5.8M | Add +109.5% |
| LPRO Open Lending Corp. | 1.45% | 2,619,093 | $5.5M | Reduce -27.2% |
| UTI Universal Technical Institut | 1.45% | 169,273 | $5.5M | Reduce -55.2% |
| CRON Cronos Group Inc. | 1.43% | 1,957,504 | $5.4M | Reduce -33.1% |
| CLH Clean Harbors Inc. | 1.41% | 23,067 | $5.4M | Add +78.3% |
| GOLD Gold.com Inc. filed as A-MARK PRECIOUS METALS INC | 1.29% | 189,933 | $4.9M | Reduce -16.8% |
| SCHL Scholastic Corp. | 1.11% | 154,463 | $4.2M | New |
| NBIS Nebius Group NV | 1.05% | 35,500 | $4.0M | Reduce -20.3% |
| REAL The Realreal Inc. filed as THE REALREAL INC | 1.00% | 359,081 | $3.8M | Reduce -74.9% |
| SWKH SWK Holdings Corp. filed as SWK HLDGS CORP | 0.92% | 241,322 | $3.5M | Reduce -23.3% |
| BBW Build-A-Bear Workshop Inc. | 0.85% | 49,937 | $3.3M | Reduce -59.6% |
| PPIH Perma-Pipe International Hol | 0.75% | 121,170 | $2.8M | Add +29.0% |
| ASIC Ategrity Specialty Holdings | 0.74% | 142,325 | $2.8M | Add +1323.3% |
| GSAT Globalstar Inc. | 0.69% | 72,029 | $2.6M | Add +40.4% |
| APG Api Group Corp. | 0.57% | 62,825 | $2.2M | Reduce -39.8% |
| INVE Inve Technologies Inc. filed as IDENTIV INC | 0.55% | 610,855 | $2.1M | Add +0.6% |
| CBNA Chain Bridge Bancorp Inc. Class A | 0.53% | 61,609 | $2.0M | Add +239.5% |
| BV Brightview Holdings Inc. | 0.49% | 138,063 | $1.9M | Reduce -29.3% |
| PNRG Primeenergy Resources Corp. | 0.42% | 9,670 | $1.6M | Add +44.3% |
| NTIP Network-1 Technologies Inc. | 0.42% | 1,070,123 | $1.6M | Add +191.4% |
| APEI American Public Education | 0.41% | 39,310 | $1.6M | New |
| TTSH Tile Shop Hldgs Inc. | 0.41% | 256,392 | $1.6M | Add +10.9% |
| DGICA Donegal Group Inc. Class A | 0.33% | 65,434 | $1.3M | No change |
| LEE Lee Enterprises | 0.29% | 205,846 | $1.1M | Reduce -8.9% |
| WINA Winmark Corp. | 0.22% | 1,647 | $820K | No change |
| AEYE Audioeye Inc. | 0.14% | 39,277 | $544K | New |
| MLCI Mount Logan Capital Inc. | 0.13% | 65,869 | $514K | New |
| APLD Applied Digital Corp. | 0.12% | 20,681 | $474K | New |
Options reported separately and not counted above: IWM puts ($268.0M), SCHL calls ($5.3M), MSOS calls ($1.9M).
Portfolio Sells Q2 2025 → Q3 2025
| GPGI Gpgi Inc. | Reduce -52.0% | 5.49% | −3.72 |
| NOA North American Construction | Reduce -15.7% | 4.86% | −2.87 |
| UTI Universal Technical Institut | Reduce -55.2% | 1.45% | −2.55 |
| TRUE Truecar Inc. | Sold out | 0.00% | −2.28 |
| SJT San Juan Basin Royalty TR | Reduce -45.6% | 1.92% | −2.25 |
| ARKO Arko Corp. | Sold out | 0.00% | −1.94 |
| CVCO Cavco Industries Inc. | Reduce -32.2% | 4.90% | −1.54 |
| OPRT Oportun Financial Corp. | Reduce -8.1% | 2.38% | −1.20 |
| REAL The Realreal Inc. | Reduce -74.9% | 1.00% | −1.14 |
| BBW Build-A-Bear Workshop Inc. | Reduce -59.6% | 0.85% | −1.13 |
| SII Sprott Inc. | Sold out | 0.00% | −0.89 |
| NXDR Nextdoor Holdings Inc. | Reduce -31.5% | 2.04% | −0.78 |
| LPRO Open Lending Corp. | Reduce -27.2% | 1.45% | −0.73 |
| REVG Rev Group Inc. | Sold out | 0.00% | −0.72 |
| APG Api Group Corp. | Reduce -39.8% | 0.57% | −0.54 |
| BV Brightview Holdings Inc. | Reduce -29.3% | 0.49% | −0.53 |
| SWKH SWK Holdings Corp. | Reduce -23.3% | 0.92% | −0.53 |
| ATRO Astronics Corp. | Sold out | 0.00% | −0.50 |
| CRON Cronos Group Inc. | Reduce -33.1% | 1.43% | −0.32 |
| GOLD Gold.com Inc. | Reduce -16.8% | 1.29% | −0.29 |
| MDXG Mimedx Group Inc. | Reduce -2.9% | 3.69% | −0.27 |
| LEE Lee Enterprises | Reduce -8.9% | 0.29% | −0.16 |
| CTLP Cantaloupe Inc. | Sold out | 0.00% | −0.12 |
| LAZYDAYS HLDGS INC | Sold out | 0.00% | −0.03 |
| TDAY USA Today Co. Inc. | Sold out | 0.00% | −0.03 |
| NBIS Nebius Group NV | Reduce -20.3% | 1.05% | +0.28 |
| NPKI NPK International Inc. | Reduce -4.2% | 4.32% | +0.28 |
Portfolio Buys Q2 2025 → Q3 2025
| TPB Turning Point Brands Inc. | Add +198.8% | 4.67% | +3.25 |
| LINC Lincoln Educational Services | Add +248.6% | 3.56% | +2.37 |
| PDFS PDF Solutions Inc. | New | 2.29% | +2.29 |
| NATL NCR Atleos Corp. | New | 2.04% | +2.04 |
| CRTO Criteo SA-Spon | New | 1.95% | +1.95 |
| KSPI JSC Kaspi.kz ADR | Add +307.3% | 2.33% | +1.62 |
| LUXE Luxexperience BV | Add +156.1% | 2.33% | +1.32 |
| SCHL Scholastic Corp. | New | 1.11% | +1.11 |
| SRTA Strata Critical Medical Inc. | Add +85.3% | 2.12% | +1.04 |
| ASR Grupo Aeroportuario Sur-ADR | Add +137.2% | 2.05% | +1.03 |
| ETON Eton Pharmaceuticals Inc. | Add +17.3% | 2.60% | +0.87 |
| PINS Pinterest Inc. Class A | Add +147.0% | 1.74% | +0.81 |
| ASIC Ategrity Specialty Holdings | Add +1323.3% | 0.74% | +0.67 |
| COMP Compass Inc. Class A | Add +11.5% | 3.84% | +0.63 |
| MGNI Magnite Inc. | Add +109.5% | 1.52% | +0.56 |
| SVV Savers Value Village Inc. | Add +26.1% | 1.73% | +0.47 |
| CLH Clean Harbors Inc. | Add +78.3% | 1.41% | +0.47 |
| APEI American Public Education | New | 0.41% | +0.41 |
| CBNA Chain Bridge Bancorp Inc. Class A | Add +239.5% | 0.53% | +0.38 |
| GSAT Globalstar Inc. | Add +40.4% | 0.69% | +0.31 |
| NTIP Network-1 Technologies Inc. | Add +191.4% | 0.42% | +0.28 |
| AEYE Audioeye Inc. | New | 0.14% | +0.14 |
| MLCI Mount Logan Capital Inc. | New | 0.13% | +0.13 |
| APLD Applied Digital Corp. | New | 0.12% | +0.12 |
| PNRG Primeenergy Resources Corp. | Add +44.3% | 0.42% | +0.12 |
| PPIH Perma-Pipe International Hol | Add +29.0% | 0.75% | +0.07 |
| OSUR Orasure Technologies Inc. | Add +12.6% | 1.77% | +0.02 |
| NGS Natural Gas Services Group | Add +8.3% | 2.64% | −0.04 |
| TTSH Tile Shop Hldgs Inc. | Add +10.9% | 0.41% | −0.05 |
| INVE Inve Technologies Inc. | Add +0.6% | 0.55% | −0.07 |
| MATW Matthews Intl Corp. Class A | Add +7.9% | 1.70% | −0.15 |
Options Activity Q2 2025 → Q3 2025
| IWM iShares Russell 2000 ETF | put | Reduce -83.2% | 11,076 | $268.0M |
| SCHL Scholastic Corp. | call | New | 1,943 | $5.3M |
| MSOS Advisorshares Pure US Cann | call | New | 3,866 | $1.9M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| CMPOW Composecure Inc. -CW25 | *W EXP 12/27/202 | Sold out | 16,560 | $104Kbefore exit |
| ARKOW Arko Corp. -CW25 | *W EXP 12/22/202 | Sold out | 63,546 | $807before exit |
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 |