Based on 26 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 NBY 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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At the ownership peak (100% of max)
100% of all-time peak
26 hedge funds hold NBY right now — the highest count in 1.8 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.
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Fast accumulation — +73% more funds vs a year ago
fund count last 6Q
+11 new funds entered over the past year (+73% 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.
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More buyers than sellers — 92% buying
23 buying2 selling
Last quarter: 23 funds were net buyers (15 opened a brand new position + 8 added to an existing one). Only 2 were sellers (0 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+9 vs last Q)
new funds entering per quarter
Funds opening a new NBY position: 4 → 1 → 6 → 15. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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Value +28595% but shares only +2699% — price-driven
Last quarter: the total dollar value of institutional holdings rose +28595%, but actual share count only changed +2699%. 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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Growing discovery — still being found
5 → 4 → 1 → 6 → 15 new funds/Q
New funds entering each quarter: 4 → 1 → 6 → 15. A growing number of institutions are discovering NBY each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.