Based on 35 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added ATRA 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.
📊
High ownership — 83% of 3.0Y peak
83% of all-time peak
35 funds currently hold this stock — 83% of the 3.0-year high of 42 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +9% more funds vs a year ago
fund count last 6Q
+3 new funds entered over the past year (+9% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 63% buying
17 buying10 selling
Last quarter: 17 funds were net buyers (5 opened a brand new position + 12 added to an existing one). Only 10 were sellers (8 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~5 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 8 → 7 → 6 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 34% long-term, 20% new
■ 34% conviction (2yr+)
■ 46% medium
■ 20% new
Of the 35 current holders: 12 (34%) held >2 years, 16 held 1–2 years, and 7 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.
💰
Value +342% but shares only +74% — price-driven
Last quarter: the total dollar value of institutional holdings rose +342%, but actual share count only changed +74%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
📊
Peak discovery — momentum slowing
4 → 8 → 7 → 6 → 5 new funds/Q
New funds entering each quarter: 8 → 7 → 6 → 5. ATRA is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
📊
Mixed cohorts — 0% veterans, 31% new entrants
■ 0% veterans
■ 69% 1-2yr
■ 31% new
Of 35 current holders: 0 (0%) held 2+ years, 24 held 1–2 years, 11 (31%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 7% AUM from top-100
7% from top-100 AUM funds
17 of 34 holders rank in the top 100 by AUM, but together hold only 7% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.