Based on 19 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 ERNA 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 — 73% of 3.0Y peak
73% of all-time peak
19 funds currently hold this stock — 73% of the 3.0-year high of 26 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 27% fewer funds vs a year ago
fund count last 6Q
7 fewer hedge funds hold ERNA compared to a year ago (-27% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More buyers than sellers — 72% buying
13 buying5 selling
Last quarter: 13 funds were net buyers (10 opened a brand new position + 3 added to an existing one). Only 5 were sellers (0 trimmed + 5 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new ERNA position: 1 → 3 → 3 → 10. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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Buying through price weakness — shares +584%, value +13%
Last quarter: funds added +584% more shares while total portfolio value only changed +13%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Steady discovery — ~10 new funds/quarter
5 → 1 → 3 → 3 → 10 new funds/Q
New funds entering each quarter: 1 → 3 → 3 → 10. Consistent flow of new institutional buyers without clear acceleration or slowdown.
Exit risk score 1.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.