Based on 667 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added EXAS 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
667 hedge funds hold EXAS 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 — +21% more funds vs a year ago
fund count last 6Q
+115 new funds entered over the past year (+21% 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 — 55% buying
394 buying316 selling
Last quarter: 394 funds bought or added vs 316 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.
📈
More new buyers each quarter (+170 vs last Q)
new funds entering per quarter
Funds opening a new EXAS position: 66 → 98 → 76 → 246. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 15% medium
■ 30% new
371 out of 667 hedge funds have held EXAS 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.
💰
Price up while funds trimmed (+75% value, -7% shares)
Last quarter: total value of institutional EXAS holdings rose +75% even though funds reduced share count by 7%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
🚀
Acceleration phase — new buyers rushing in
82 → 66 → 98 → 76 → 246 new funds/Q
New funds entering each quarter: 66 → 98 → 76 → 246. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️
Deep conviction — 65% of holders stayed 2+ years
■ 65% veterans
■ 7% 1-2yr
■ 29% new
Of 706 current holders: 456 (65%) 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 — 35% AUM from major funds
35% from top-100 AUM funds
47 of 667 holders rank in the top 100 by AUM, accounting for 35% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.