Based on 14 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added NBTX 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 — 88% of 3.0Y peak
88% of all-time peak
14 funds currently hold this stock — 88% of the 3.0-year high of 16 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 12% fewer funds vs a year ago
fund count last 6Q
2 fewer hedge funds hold NBTX compared to a year ago (-12% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟢
More buyers than sellers — 77% buying
10 buying3 selling
Last quarter: 10 funds were net buyers (5 opened a brand new position + 5 added to an existing one). Only 3 were sellers (1 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~5 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 3 → 2 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mixed — 29% long-term, 43% new
■ 29% conviction (2yr+)
■ 29% medium
■ 43% new
Of the 14 current holders: 4 (29%) held >2 years, 4 held 1–2 years, and 6 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.
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Value +24% but shares only +1% — price-driven
Last quarter: the total dollar value of institutional holdings rose +24%, but actual share count only changed +1%. 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 — ~5 new funds/quarter
7 → 1 → 3 → 2 → 5 new funds/Q
New funds entering each quarter: 1 → 3 → 2 → 5. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 36% veterans, 50% new entrants
■ 36% veterans
■ 14% 1-2yr
■ 50% new
Of 14 current holders: 5 (36%) held 2+ years, 2 held 1–2 years, 7 (50%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
4 of 14 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.