Based on 121 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added DNOV 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
121 hedge funds hold DNOV 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.
📶
Steady growth — +16% more funds vs a year ago
fund count last 6Q
+17 new funds entered over the past year (+16% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🔴
Heavy selling pressure — only 36% buying
31 buying55 selling
Last quarter: 55 funds sold vs only 31 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-16 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 9 → 6 → 25 → 9. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
48% of holders stayed for 2+ years
■ 48% conviction (2yr+)
■ 28% medium
■ 24% new
58 out of 121 hedge funds have held DNOV 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.
➡️
Steady discovery — ~9 new funds/quarter
8 → 9 → 6 → 25 → 9 new funds/Q
New funds entering each quarter: 9 → 6 → 25 → 9. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 51% veterans vs 28% newcomers
■ 51% veterans
■ 21% 1-2yr
■ 28% new
Entry-cohort mix of 121 holders: 62 (51%) are 2+ year veterans, 25 entered 1–2 years ago, and 34 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 8% AUM from top-100
8% from top-100 AUM funds
9 of 121 holders rank in the top 100 by AUM, but together hold only 8% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.6
out of 10
Moderate Exit Risk
Exit risk score 4.6/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.