Based on 164 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 HDSN positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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At the ownership peak (96% of max)
96% of all-time peak
164 hedge funds hold HDSN 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding HDSN is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
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More sellers than buyers — 44% buying
73 buying92 selling
Last quarter: 92 funds reduced or exited vs 73 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.
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Fewer new buyers each quarter (-15 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 26 → 19 → 40 → 25. 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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54% of holders stayed for 2+ years
■ 54% conviction (2yr+)
■ 32% medium
■ 15% new
88 out of 164 hedge funds have held HDSN 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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Buying through price weakness — shares +0%, value -66%
Last quarter: funds added +0% more shares while total portfolio value only changed -66%. 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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Growing discovery — still being found
37 → 26 → 19 → 40 → 25 new funds/Q
New funds entering each quarter: 26 → 19 → 40 → 25. A growing number of institutions are discovering HDSN each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 59% of holders stayed 2+ years
■ 59% veterans
■ 18% 1-2yr
■ 24% new
Of 164 current holders: 96 (59%) 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.
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Elite ownership — 48% AUM from top-100 funds
48% from top-100 AUM funds
31 of 164 holders are among the 100 largest funds by AUM, controlling 48% of total institutional value in HDSN. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.