In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Noodles & Co. (NASDAQ:NDLS) reported that Mill Road Capital Ii, L.p. has picked up 8,873,240 of common stock as of 2017-04-19.

The acquisition brings the aggregate amount owned by Mill Road Capital Ii, L.p. to a total of 8,873,240 representing a 22.5% stake in the company.

For those not familiar with the company, Noodles & Company develops and operates fast casual restaurants. The Company’s menu includes a range of cooked-to-order dishes, including noodles and pasta, soups, salads, sandwiches and appetizers. The Company has approximately 490 restaurants, including 420 Company-owned and 70 franchised locations, across 40 states, the District of Columbia and one Canadian province. The Company offers over 30 globally inspired Asian, Mediterranean and American dishes together on a single menu. The Company offers approximately 10 fresh vegetables and six proteins, including marinated steak, naturally raised pork, chicken, meatballs, shrimp and organic tofu. The Company offers Kids Meals, which includes sides, such as broccoli, carrots, fruit, applesauce and a portion of its housemade rice crispy treat. The Company’s restaurants’ locations include Arizona, California, Colorado, Delaware, New York, North Dakota, Ohio, Texas, Utah, Virginia, Washington and Wisconsin.

A glance at Noodles & Co (NASDAQ:NDLS)’s key stats reveals a current market capitalization of 156.14 Million based on 26.35 Million shares outstanding and a price at last close of $5.65 per share.

Looking at insider activity, there are a few transactions worth noting.

Specifically, on 2015-12-31, Mears picked up 5,000 at a purchase price of $9.98. This brings their total holding to 5,000 as of the date of the filing.

On the sell side, the most recent transaction saw Mears unload 5,000 shares at a sale price of $9.69. This brings their total holding to 0.

It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Noodles & Co. (NASDAQ:NDLS) as things move forward to see if its progress aligns with these transactions.

Subscribe below and we’ll keep you on top of what’s happening before it moves markets.