Based on 91 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 NEPT 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
91 hedge funds hold NEPT 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.
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Fast accumulation — +160% more funds vs a year ago
fund count last 6Q
+56 new funds entered over the past year (+160% 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. The peak was reached in just 3 quarters from the low — a sharp move.
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More buyers than sellers — 98% buying
91 buying2 selling
Last quarter: 91 funds were net buyers (88 opened a brand new position + 3 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 (+83 vs last Q)
new funds entering per quarter
Funds opening a new NEPT position: 1 → 1 → 5 → 88. 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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Mostly new holders — 81% entered in last year
■ 18% conviction (2yr+)
■ 1% medium
■ 81% new
Only 16 funds (18%) 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 +43239% but shares only +29581% — price-driven
Last quarter: the total dollar value of institutional holdings rose +43239%, but actual share count only changed +29581%. 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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Acceleration phase — new buyers rushing in
3 → 1 → 1 → 5 → 88 new funds/Q
New funds entering each quarter: 1 → 1 → 5 → 88. 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.
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Early stage — 79% of holders entered in last year
■ 21% veterans
■ 0% 1-2yr
■ 79% new
Of 91 current holders: 72 (79%) entered in the past year, only 19 (21%) 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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Smaller funds dominant — 13% AUM from top-100
13% from top-100 AUM funds
22 of 91 holders rank in the top 100 by AUM, but together hold only 13% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 7.0/10 — multiple crowding signals converge. Institutional ownership is at 100% of its all-time high — near peak crowding. Crowded trades can unwind fast — a single catalyst can trigger a cascade.