Based on 82 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their HYBL positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 91% of 3.0Y peak
91% of all-time peak
82 funds currently hold this stock — 91% of the 3.0-year high of 90 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀
Fast accumulation — +28% more funds vs a year ago
fund count last 6Q
+18 new funds entered over the past year (+28% 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.
🟡
Slight buying edge — 54% buying
48 buying41 selling
Last quarter: 48 funds bought or added vs 41 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
⚠️
Fewer new buyers each quarter (-17 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 8 → 12 → 25 → 8. 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.
📌
Mixed — 26% long-term, 33% new
■ 26% conviction (2yr+)
■ 41% medium
■ 33% new
Of the 82 current holders: 21 (26%) held >2 years, 34 held 1–2 years, and 27 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.
➡️
Steady discovery — ~8 new funds/quarter
20 → 8 → 12 → 25 → 8 new funds/Q
New funds entering each quarter: 8 → 12 → 25 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 55% of holders entered in last year
■ 24% veterans
■ 21% 1-2yr
■ 55% new
Of 82 current holders: 45 (55%) entered in the past year, only 20 (24%) 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.
✅
Strong quality — 33% AUM from major funds
33% from top-100 AUM funds
9 of 82 holders rank in the top 100 by AUM, accounting for 33% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.