Rave Restaurant Group
RAVE on Nasdaq. Market value $33m.
Should I look at this?
We have not checked this company yet
This is not advice.
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 33 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Saber Capital ManagementJohn Huber | $2m | 1.6% | Added |
Largest holders overall
- Saber Capital Management$2mAdded
- Renaissance Technologies$876,847Added
- Vanguard Capital Management$792,314Added
- Watchman Group$597,756
- Corsair Capital Management, L.P.$475,138
- Geode Capital Management$426,044Added
- True North Advisors$348,837
- BlackRock$232,818Added
- Vanguard Fiduciary Trust$211,324
- Citadel Advisors$171,472New
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Bares Brian TimothyPassive investorat least n/a(filed with 1 related holder)Since 29 December 2025
- IMA Value LLPPassive investorSold down below 5%Since 14 May 2026
What they said
The purchases of shares of Common Stock by the Reporting Person were for investment purposes. The Reporting Person may purchase additional shares from time to time depending upon price, market conditions, availability of funds, evaluation of other investment opportunities, and…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Bares Brian Timothy Passive investor | at least n/a (filed with 1 related holder) | 29 December 2025 | |
IMA Value LLP Passive investor | Sold down below 5% | 14 May 2026 | What they saidThe purchases of shares of Common Stock by the Reporting Person were for investment purposes. The Reporting Person may purchase additional shares from time to time depending upon price, market conditions, availability of funds, evaluation of other investment opportunities, and… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Sep 2026, and no later 8-Ks.
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“Effective February 10, 2026, Rave Restaurant Group, Inc. (the “ Company ”) dismissed Whitley Penn LLP (“ Whitley Penn ”) as the Company’s independent registered public accounting firm.”
From an 8-K filed 17 February 2026: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.