Based on 20 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their HBTA 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 (95% of max)
95% of all-time peak
20 hedge funds hold HBTA 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.
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Fast accumulation — +1900% more funds vs a year ago
fund count last 6Q
+19 new funds entered over the past year (+1900% 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.
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Heavy selling pressure — only 29% buying
6 buying15 selling
Last quarter: 15 funds sold vs only 6 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 7 → 7 → 9 → 2. 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.
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Mostly new holders — 70% entered in last year
■ 5% conviction (2yr+)
■ 25% medium
■ 70% new
Only 1 funds (5%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Peak discovery — momentum slowing
0 → 7 → 7 → 9 → 2 new funds/Q
New funds entering each quarter: 7 → 7 → 9 → 2. HBTA is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🌱
Early stage — 95% of holders entered in last year
■ 5% veterans
■ 0% 1-2yr
■ 95% new
Of 20 current holders: 19 (95%) entered in the past year, only 1 (5%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
🏆
Elite ownership — 60% AUM from top-100 funds
60% from top-100 AUM funds
6 of 20 holders are among the 100 largest funds by AUM, controlling 60% of total institutional value in HBTA. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 7.5/10 — multiple crowding signals converge. Institutional ownership is at 95% of its all-time high — near peak crowding. Selling pressure exceeds buying: only 29% of active funds buying. Crowded trades can unwind fast — a single catalyst can trigger a cascade.