Based on 96 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds added ASM 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
96 hedge funds hold ASM 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.
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Fast accumulation — +118% more funds vs a year ago
fund count last 6Q
+52 new funds entered over the past year (+118% 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 — 60% buying
67 buying44 selling
Last quarter: 67 funds were net buyers (33 opened a brand new position + 34 added to an existing one). Only 44 were sellers (21 trimmed + 23 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~33 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 18 → 23 → 37 → 33. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 59% entered in last year
■ 23% conviction (2yr+)
■ 18% medium
■ 59% new
Only 22 funds (23%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Acceleration phase — new buyers rushing in
15 → 18 → 23 → 37 → 33 new funds/Q
New funds entering each quarter: 18 → 23 → 37 → 33. 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.
🌱
Early stage — 66% of holders entered in last year
■ 29% veterans
■ 5% 1-2yr
■ 66% new
Of 96 current holders: 63 (66%) entered in the past year, only 28 (29%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
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Smaller funds dominant — 19% AUM from top-100
19% from top-100 AUM funds
20 of 96 holders rank in the top 100 by AUM, but together hold only 19% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
5.9
out of 10
Moderate Exit Risk
Exit risk score 5.9/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.