Based on 9 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added NBDS 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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High ownership — 90% of 3.0Y peak
90% of all-time peak
9 funds currently hold this stock — 90% of the 3.0-year high of 10 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding NBDS 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 buyers than sellers — 75% buying
6 buying2 selling
Last quarter: 6 funds were net buyers (4 opened a brand new position + 2 added to an existing one). Only 2 were sellers (1 trimmed + 1 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 0 → 1 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 33% entered in last year
■ 22% conviction (2yr+)
■ 44% medium
■ 33% new
Only 2 funds (22%) 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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Value +787% but shares only +541% — price-driven
Last quarter: the total dollar value of institutional holdings rose +787%, but actual share count only changed +541%. 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.
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Steady discovery — ~4 new funds/quarter
4 → 1 → 0 → 1 → 4 new funds/Q
New funds entering each quarter: 1 → 0 → 1 → 4. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Early stage — 67% of holders entered in last year
■ 33% veterans
■ 0% 1-2yr
■ 67% new
Of 9 current holders: 6 (67%) entered in the past year, only 3 (33%) 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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Elite ownership — 98% AUM from top-100 funds
98% from top-100 AUM funds
4 of 9 holders are among the 100 largest funds by AUM, controlling 98% of total institutional value in NBDS. 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 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.