Based on 173 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added HNGE 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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At the ownership peak (100% of max)
100% of all-time peak
173 hedge funds hold HNGE 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 — +17200% more funds vs a year ago
fund count last 6Q
+172 new funds entered over the past year (+17200% 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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More buyers than sellers — 70% buying
132 buying57 selling
Last quarter: 132 funds were net buyers (60 opened a brand new position + 72 added to an existing one). Only 57 were sellers (30 trimmed + 27 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~60 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 113 → 64 → 60. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 93% entered in last year
■ 3% conviction (2yr+)
■ 3% medium
■ 93% new
Only 6 funds (3%) 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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Steady discovery — ~60 new funds/quarter
0 → 1 → 113 → 64 → 60 new funds/Q
New funds entering each quarter: 1 → 113 → 64 → 60. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Early stage — 93% of holders entered in last year
■ 7% veterans
■ 1% 1-2yr
■ 93% new
Of 177 current holders: 164 (93%) entered in the past year, only 12 (7%) 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.
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Smaller funds dominant — 17% AUM from top-100
17% from top-100 AUM funds
35 of 173 holders rank in the top 100 by AUM, but together hold only 17% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 7.3/10 — multiple crowding signals converge. Institutional ownership is at 100% of its all-time high — near peak crowding. Crowded trades can unwind fast — a single catalyst can trigger a cascade.