Based on 17 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 DRN 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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Below peak — only 63% of 3.0Y high
63% of all-time peak
Only 17 funds hold DRN today versus a peak of 27 funds at 2025 Q1 — just 63% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 26% fewer funds vs a year ago
fund count last 6Q
6 fewer hedge funds hold DRN compared to a year ago (-26% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 59% buying
10 buying7 selling
Last quarter: 10 funds bought or added vs 7 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 — ~5 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 0 → 2 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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65% of holders stayed for 2+ years
■ 65% conviction (2yr+)
■ 18% medium
■ 18% new
11 out of 17 hedge funds have held DRN 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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Value +40% but shares only +7% — price-driven
Last quarter: the total dollar value of institutional holdings rose +40%, but actual share count only changed +7%. 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.
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Steady discovery — ~5 new funds/quarter
2 → 2 → 0 → 2 → 5 new funds/Q
New funds entering each quarter: 2 → 0 → 2 → 5. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 74% veterans vs 11% newcomers
■ 74% veterans
■ 16% 1-2yr
■ 11% new
Entry-cohort mix of 19 holders: 14 (74%) are 2+ year veterans, 3 entered 1–2 years ago, and 2 (11%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 22% AUM from major funds
22% from top-100 AUM funds
3 of 15 holders rank in the top 100 by AUM, accounting for 22% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 1.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.