Based on 172 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added AQST 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
172 hedge funds hold AQST right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀
Fast accumulation — +55% more funds vs a year ago
fund count last 6Q
+61 new funds entered over the past year (+55% 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.
🟢
More buyers than sellers — 65% buying
115 buying61 selling
Last quarter: 115 funds were net buyers (45 opened a brand new position + 70 added to an existing one). Only 61 were sellers (39 trimmed + 22 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~45 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 28 → 14 → 49 → 45. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 31% long-term, 37% new
■ 31% conviction (2yr+)
■ 32% medium
■ 37% new
Of the 172 current holders: 53 (31%) held >2 years, 55 held 1–2 years, and 64 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💎
Buying through price weakness — shares +11%, value -94%
Last quarter: funds added +11% more shares while total portfolio value only changed -94%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
🚀
Acceleration phase — new buyers rushing in
17 → 28 → 14 → 49 → 45 new funds/Q
New funds entering each quarter: 28 → 14 → 49 → 45. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️
Deep conviction — 44% of holders stayed 2+ years
■ 44% veterans
■ 16% 1-2yr
■ 40% new
Of 179 current holders: 79 (44%) 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.
✅
Strong quality — 27% AUM from major funds
27% from top-100 AUM funds
30 of 172 holders rank in the top 100 by AUM, accounting for 27% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.7
out of 10
Moderate Exit Risk
Exit risk score 4.7/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.