Based on 193 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added APPS than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
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High ownership — 85% of 3.0Y peak
85% of all-time peak
193 funds currently hold this stock — 85% of the 3.0-year high of 227 funds (reached 2023 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Fast accumulation — +32% more funds vs a year ago
fund count last 6Q
+47 new funds entered over the past year (+32% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
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More buyers than sellers — 61% buying
119 buying76 selling
Last quarter: 119 funds were net buyers (44 opened a brand new position + 75 added to an existing one). Only 76 were sellers (52 trimmed + 24 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+17 vs last Q)
new funds entering per quarter
Funds opening a new APPS position: 42 → 39 → 27 → 44. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
64% of holders stayed for 2+ years
■ 64% conviction (2yr+)
■ 20% medium
■ 16% new
124 out of 193 hedge funds have held APPS for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
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Buying through price weakness — shares +8%, value -15%
Last quarter: funds added +8% more shares while total portfolio value only changed -15%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~44 new funds/quarter
19 → 42 → 39 → 27 → 44 new funds/Q
New funds entering each quarter: 42 → 39 → 27 → 44. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 77% of holders stayed 2+ years
■ 77% veterans
■ 7% 1-2yr
■ 15% new
Of 207 current holders: 160 (77%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
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Elite ownership — 43% AUM from top-100 funds
43% from top-100 AUM funds
33 of 193 holders are among the 100 largest funds by AUM, controlling 43% of total institutional value in APPS. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 2.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.