Based on 19 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 4 quarters in a row
For 4 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
19 hedge funds hold NBTX 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 — +111% more funds vs a year ago
fund count last 6Q
+10 new funds entered over the past year (+111% 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 — 72% buying
13 buying5 selling
Last quarter: 13 funds were net buyers (7 opened a brand new position + 6 added to an existing one). Only 5 were sellers (2 trimmed + 3 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 5 → 2 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 53% entered in last year
■ 21% conviction (2yr+)
■ 26% medium
■ 53% new
Only 4 funds (21%) 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.
💰
Value +24% but shares only +2% — price-driven
Last quarter: the total dollar value of institutional holdings rose +24%, but actual share count only changed +2%. 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.
➡️
Steady discovery — ~7 new funds/quarter
3 → 2 → 5 → 2 → 7 new funds/Q
New funds entering each quarter: 2 → 5 → 2 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 42% veterans vs 47% newcomers
■ 42% veterans
■ 11% 1-2yr
■ 47% new
Entry-cohort mix of 19 holders: 8 (42%) are 2+ year veterans, 2 entered 1–2 years ago, and 9 (47%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 1% AUM from top-100
1% from top-100 AUM funds
8 of 19 holders rank in the top 100 by AUM, but together hold only 1% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
5.3
out of 10
Moderate Exit Risk
Exit risk score 5.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.