Based on 19 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added COWS 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 — 90% of 3.0Y peak
90% of all-time peak
19 funds currently hold this stock — 90% of the 3.0-year high of 21 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Steady growth — +19% more funds vs a year ago
fund count last 6Q
+3 new funds entered over the past year (+19% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 79% buying
11 buying3 selling
Last quarter: 11 funds were net buyers (2 opened a brand new position + 9 added to an existing one). Only 3 were sellers (2 trimmed + 1 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 6 → 3 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mixed — 32% long-term, 21% new
■ 32% conviction (2yr+)
■ 47% medium
■ 21% new
Of the 19 current holders: 6 (32%) held >2 years, 9 held 1–2 years, and 4 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.
⚠️
Saturation — most institutions already know this story
4 → 4 → 6 → 3 → 2 new funds/Q
New funds entering each quarter: 4 → 6 → 3 → 2. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
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Mixed cohorts — 32% veterans, 53% new entrants
■ 32% veterans
■ 16% 1-2yr
■ 53% new
Of 19 current holders: 6 (32%) held 2+ years, 3 held 1–2 years, 10 (53%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 51% AUM from top-100 funds
51% from top-100 AUM funds
5 of 19 holders are among the 100 largest funds by AUM, controlling 51% of total institutional value in COWS. 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 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.