Based on 49 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added DDM 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
49 hedge funds hold DDM 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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Steady growth — +11% more funds vs a year ago
fund count last 6Q
+5 new funds entered over the past year (+11% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction. The peak was reached in just 4 quarters from the low — a sharp move.
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More sellers than buyers — 45% buying
21 buying26 selling
Last quarter: 26 funds reduced or exited vs 21 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~11 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 12 → 6 → 8 → 11. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 18% medium
■ 20% new
30 out of 49 hedge funds have held DDM 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.
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Steady discovery — ~11 new funds/quarter
5 → 12 → 6 → 8 → 11 new funds/Q
New funds entering each quarter: 12 → 6 → 8 → 11. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 66% veterans vs 19% newcomers
■ 66% veterans
■ 15% 1-2yr
■ 19% new
Entry-cohort mix of 53 holders: 35 (66%) are 2+ year veterans, 8 entered 1–2 years ago, and 10 (19%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 20% AUM from major funds
20% from top-100 AUM funds
10 of 48 holders rank in the top 100 by AUM, accounting for 20% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.