Based on 359 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their HACK positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (97% of max)
97% of all-time peak
359 hedge funds hold HACK 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 — +4% more funds vs a year ago
fund count last 6Q
+14 new funds entered over the past year (+4% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 46% buying
132 buying155 selling
Last quarter: 155 funds reduced or exited vs 132 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.
⚠️
Fewer new buyers each quarter (-9 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 63 → 29 → 44 → 35. 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.
🔒
58% of holders stayed for 2+ years
■ 58% conviction (2yr+)
■ 25% medium
■ 18% new
207 out of 359 hedge funds have held HACK 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 — ~35 new funds/quarter
46 → 63 → 29 → 44 → 35 new funds/Q
New funds entering each quarter: 63 → 29 → 44 → 35. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 61% veterans vs 24% newcomers
■ 61% veterans
■ 15% 1-2yr
■ 24% new
Entry-cohort mix of 365 holders: 223 (61%) are 2+ year veterans, 53 entered 1–2 years ago, and 89 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 28% AUM from major funds
28% from top-100 AUM funds
22 of 357 holders rank in the top 100 by AUM, accounting for 28% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.