Based on 110 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added HRZN 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
110 hedge funds hold HRZN 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 — +80% more funds vs a year ago
fund count last 6Q
+49 new funds entered over the past year (+80% 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.
🟢
More buyers than sellers — 80% buying
94 buying24 selling
Last quarter: 94 funds were net buyers (66 opened a brand new position + 28 added to an existing one). Only 24 were sellers (9 trimmed + 15 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+53 vs last Q)
new funds entering per quarter
Funds opening a new HRZN position: 12 → 16 → 13 → 66. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
📌
Mixed — 27% long-term, 57% new
■ 27% conviction (2yr+)
■ 15% medium
■ 57% new
Of the 110 current holders: 30 (27%) held >2 years, 17 held 1–2 years, and 63 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💰
Value +171% but shares only +142% — price-driven
Last quarter: the total dollar value of institutional holdings rose +171%, but actual share count only changed +142%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
🚀
Acceleration phase — new buyers rushing in
15 → 12 → 16 → 13 → 66 new funds/Q
New funds entering each quarter: 12 → 16 → 13 → 66. 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.
📊
Mixed cohorts — 32% veterans, 54% new entrants
■ 32% veterans
■ 13% 1-2yr
■ 54% new
Of 114 current holders: 37 (32%) held 2+ years, 15 held 1–2 years, 62 (54%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 32% AUM from major funds
32% from top-100 AUM funds
16 of 107 holders rank in the top 100 by AUM, accounting for 32% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
5.1
out of 10
Moderate Exit Risk
Exit risk score 5.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.