Based on 193 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added CRNC 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 (98% of max)
98% of all-time peak
193 hedge funds hold CRNC 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 — +22% more funds vs a year ago
fund count last 6Q
+35 new funds entered over the past year (+22% 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.
🟡
Slight buying edge — 54% buying
107 buying90 selling
Last quarter: 107 funds bought or added vs 90 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~38 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 46 → 25 → 43 → 38. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 26% medium
■ 15% new
114 out of 193 hedge funds have held CRNC 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.
💎
Buying through price weakness — shares +15%, value -0%
Last quarter: funds added +15% more shares while total portfolio value only changed -0%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
39 → 46 → 25 → 43 → 38 new funds/Q
New funds entering each quarter: 46 → 25 → 43 → 38. A growing number of institutions are discovering CRNC each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 73% of holders stayed 2+ years
■ 73% veterans
■ 7% 1-2yr
■ 20% new
Of 204 current holders: 149 (73%) 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 — 29% AUM from major funds
29% from top-100 AUM funds
30 of 193 holders rank in the top 100 by AUM, accounting for 29% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.