Based on 181 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds added NB 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
181 hedge funds hold NB 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 — +218% more funds vs a year ago
fund count last 6Q
+124 new funds entered over the past year (+218% 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 — 73% buying
139 buying51 selling
Last quarter: 139 funds were net buyers (54 opened a brand new position + 85 added to an existing one). Only 51 were sellers (28 trimmed + 23 sold completely). A clear majority buying is a strong confirmation signal.
⚠️
Fewer new buyers each quarter (-11 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 13 → 47 → 65 → 54. 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.
🔄
Mostly new holders — 59% entered in last year
■ 19% conviction (2yr+)
■ 23% medium
■ 59% new
Only 34 funds (19%) 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.
💎
Buying through price weakness — shares +12%, value -11%
Last quarter: funds added +12% more shares while total portfolio value only changed -11%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
🚀
Acceleration phase — new buyers rushing in
11 → 13 → 47 → 65 → 54 new funds/Q
New funds entering each quarter: 13 → 47 → 65 → 54. 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.
🌱
Early stage — 59% of holders entered in last year
■ 30% veterans
■ 11% 1-2yr
■ 59% new
Of 192 current holders: 113 (59%) entered in the past year, only 57 (30%) 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 — 24% AUM from major funds
24% from top-100 AUM funds
29 of 181 holders rank in the top 100 by AUM, accounting for 24% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
6.5
out of 10
Moderate Exit Risk
Exit risk score 6.5/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.