Biglari Holdings Inc.· BH-A

🇺🇸 US · SmallBroad USNYSE

Consumer Cyclical Restaurants Website

Price: $1,707.65
Day: -2.18%
Mkt Cap: $1.07B
52W Range: $1,238.00 – $2,513.00
Volume: 40.9K
Beta: 0.53

D55D FrameworkQuarterly Data

Holdings Analysis

Insider activity, institutional flows, and fund ownership.

Smart Money: 4.8 / 5 (Very Bullish), from 3 of 3 components
Institutions Q2 2026: 59 institutions hold; 44 added, 9 reduced

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Biglari Holdings Inc.

BH-A|Consumer Cyclical|Restaurants

Current price: $1,708

Smart Money

Dimension 5 of 5

Insider selling pace · Q2 2026

—

buy-only quarter

Seller breadth · Q2 2026

0 sellers

vs 0.0 avg per quarter

Institutional net breadth · Q2 2026

+51

74 adding vs 23 reducing

Institutional ownership · Q2 2026

6.9%

59 institutions

Insider Selling Pace

Each quarter's selling vs this stock's own trailing 6-quarter average

Light <0.5xRoutineElevated >1.5xHeavy >3xBuying

Institutional Positions

Institutions adding above the line, reducing below, net as a line

NewIncreasedReducedClosedNet

Largest Institutional Holders, Q2 2026

By reported market value, and how each moved in the quarter

Holder

Change

BIGLARI CAPITAL CORP.

154.5K

flat

GAMCO INVESTORS, INC. ET AL

11.0K

-1.7%

RENAISSANCE TECHNOLOGIES LLC

6.1K

+5.3%

DIMENSIONAL FUND ADVISORS LP

5.8K

-0.7%

BLACKROCK, INC.

5.4K

+101.3%

JANE STREET GROUP, LLC

5.0K

+100.0%

ETF & Fund Activity, Q2 2026

How the covering funds split between buying, holding and selling

8 buying21 unchanged7 selling

36 funds held BH-A in Q2 2026, holding 29.3K shares between them, up 18.5% on the quarter.

Largest fund holders

EQ ADVISORS TRUST9.8K sh

Victory Portfolios II2.7K sh

VANGUARD INDEX FUNDS2.4K sh

Notable Insider Transactions, Q2 2026

Largest open-market purchases and sales by value in the last eight quarters

Purchase · May 12

BIGLARI, SARDAR

$5.7M

Purchase · May 13

BIGLARI, SARDAR

$4.0M

Purchase · May 14

BIGLARI, SARDAR

$3.7M

Insider transactions from SEC Form 4 filings; institutional holdings from quarterly 13F filings, which are reported with a lag and can overlap between filers. 13F: quarterly institutional holdings report · ETF: Exchange-Traded Fund

See the complete picture

The full 5D Framework: Business Quality · Peer Comparison · Valuation · Analyst Sentiment · Smart Money

Explore BH-A on stockoscope.com→

Generated September 22, 2026

For educational purposes only. Not financial advice. Data may be delayed or incomplete.

Smart Money Sentiment

BH-A Smart Money Sentiment Score

A weighted 1-5 sentiment score across three smart money signals.

Smart Money

4.8/5

Very Bullish

Weighted across 3 components

Component Breakdown (3 of 3 available)

Insider Activity

40% weight

+100

Institutional Flow

50% weight

+94

Fund Flow

10% weight

Overall Smart Money sentiment of 4.8/5 (Very Bullish) based on a weighted combination of 3 components. Insider activity uses a relative-baseline comparison against the stock's own history; institutional flow tracks position momentum and 13F share changes; fund flow measures ETF / mutual-fund buying vs selling. Higher scores indicate stronger bullish sentiment from professional investors.Last updated September 21, 2026.

Insider Trading Activity

Insider trading analysis comparing the latest quarter against the stock's own historical baseline.

Insider Selling Pace for BH-A

Each quarter's selling vs the stock's own trailing 6-quarter average; 1.0x is typical for this stock. Green triangles mark quarters with insider buying.

Very Bullish

Strong insider buying in Q2 2026

Major: 5 purchases totaling $14.1M (55.0K shares)

Share volume is 3x+ above the historical average, unusually strong

Insider buying in 3 of the last 4 quarters

—

Selling pace

buy-only quarter

0.00%

Stake sold

of active insiders' holdings

0 sellers

Seller breadth

vs 0.0 avg per quarter

$14.1M

Insider buying

1 buyer in Q2 2026

Notable Recent Transactions, BH-A

Top 8 highest-value insider trades from the last 8 quarters

BIGLARI, SARDAR

CEO

Buy

22,965 shares at $249.84

≈1.7% of their stake after buying

May 12, 2026$5.74M

BIGLARI, SARDAR

CEO

Buy

15,358 shares at $260.36

≈1.1% of their stake after buying

May 13, 2026$4.00M

BIGLARI, SARDAR

CEO

Buy

14,351 shares at $258.06

≈1.0% of their stake after buying

May 14, 2026$3.70M

BIGLARI, SARDAR

CEO

Buy

1,630 shares at $997.72

≈1.3% of their stake after buying

Nov 13, 2024$1.63M

BIGLARI, SARDAR

CEO

Buy

6,928 shares at $199.00

≈0.5% of their stake after buying

Nov 13, 2024$1.38M

BIGLARI, SARDAR

CEO

Buy

5,152 shares at $209.97

≈0.4% of their stake after buying

Nov 15, 2024$1.08M

BIGLARI, SARDAR

CEO

Buy

4,948 shares at $208.78

≈0.4% of their stake after buying

Nov 18, 2024$1.03M

BIGLARI, SARDAR

CEO

Buy

3,320 shares at $301.06

≈0.2% of their stake after buying

Mar 9, 2026$999.52K

Institutional Ownership Analysis

Institutional ownership analysis with position momentum, 13F share flow, and ownership percentage trends.

Institutional Positions for BH-A

Institutions adding (new + increased) above zero, reducing (reduced + closed) below, net as a line

New Increased Reduced Closed Net (adding − reducing)

Very Bullish

Institutions accumulating in Q2 2026

6.9% institutional ownership

Strong accumulation: 74 institutions adding vs 23 reducing positions

13F shares increased by 5.9%, a significant shift

Momentum weakening from prior quarter

+51

Net breadth

74 adding vs 23 reducing

Strong accumulation

3.22

Add / reduce ratio

in Q2 2026

+16

New − closed

30 initiated, 14 exited

7 of 10

Top holders adding

largest holders with a known change

Position Changes

Q2 2026: how are institutions adjusting their positions?

+74 growing-23 shrinkingNet: +51

New (30)

Increased (44)

Reduced (9)

Closed (14)

Top Institutional Holders, BH-A

Largest 8 institutional positions by ownership percentage as of Q2 2026

BIGLARI CAPITAL CORP.

154.5K

$325.1M

Ownership

4.92%

No change

GAMCO INVESTORS, INC. ET AL

11.0K

$23.2M

Ownership

0.35%

-1.7%

RENAISSANCE TECHNOLOGIES LLC

6.1K

$12.8M

Ownership

0.19%

+5.3%

DIMENSIONAL FUND ADVISORS LP

5.8K

$12.1M

Ownership

0.18%

-0.7%

BLACKROCK, INC.

5.4K

$11.4M

Ownership

0.17%

+101.3%

JANE STREET GROUP, LLC

5.0K

$10.6M

Ownership

0.16%

+100.0%

FIRST TRUST ADVISORS LP

4.5K

$9.4M

Ownership

0.14%

+100.0%

UBS GROUP AG

3.3K

$6.9M

Ownership

0.10%

+445.7%

ETF and Mutual Fund Holdings

ETF and mutual fund activity breakdown showing buying vs selling funds, top fund holders, and detailed holdings.

Fund Activity

Q2 2026: 36 ETFs and mutual funds reporting

8 buying7 sellingNet: +1

Buying (8)

Unchanged (21)

Selling (7)

In total, funds bought 5.6K shares and sold 122 this quarter. Each fund counts once in the bar above, whatever the size of its move.

Neutral

Mixed fund activity in Q2 2026

36 ETFs and mutual funds reporting

8 buying vs 7 selling (balanced)

Top Fund Holders, BH-A

Largest 8 ETF and mutual fund positions by shares held, each fund's latest filing

EQ ADVISORS TRUST

9.8K

Weight

0.00%

Jun 30, 2026Increased

Victory Portfolios II

2.7K

Weight

0.00%

Jun 30, 2026Increased

VANGUARD INDEX FUNDS

2.4K

Weight

0.00%

Jun 30, 2026Increased

GABELLI EQUITY SERIES FUNDS INC

1.1K

Weight

0.11%

Jun 30, 2026No change

Gabelli Global Small & Mid Cap Value Trust

490

Weight

0.20%

Jun 30, 2026No change

SCHWAB STRATEGIC TRUST

236

Weight

0.00%

Jun 30, 2026No change

VANGUARD WORLD FUND

223

Weight

0.00%

Jun 30, 2026No change

QUANTITATIVE MASTER SERIES LLC

106

Weight

0.00%

Jun 30, 2026Increased

Biglari Holdings Inc.· BH-A

Holdings Analysis

Insider Trading Activity

1.3Transaction History233Real market purchases and sales onlyShow All Types

Institutional Ownership Analysis

2.4Detailed Holdings64Most recent institutional positions with changes and valuations

ETF and Mutual Fund Holdings

3.3Fund Holdings Details25Most recent ETF and mutual fund holdings with share counts and weights

Search stocks

Holdings Analysis

Insider Trading Activity

1.3Transaction History233Real market purchases and sales onlyShow All Types

Institutional Ownership Analysis

2.4Detailed Holdings64Most recent institutional positions with changes and valuations

ETF and Mutual Fund Holdings

3.3Fund Holdings Details25Most recent ETF and mutual fund holdings with share counts and weights