Based on 8 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their NITO positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 50% of 2.5Y high
50% of all-time peak
Only 8 funds hold NITO today versus a peak of 16 funds at 2025 Q1 — just 50% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
📉
Outflows — 50% fewer funds vs a year ago
fund count last 6Q
8 fewer hedge funds hold NITO compared to a year ago (-50% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 55% buying
6 buying5 selling
Last quarter: 6 funds bought or added vs 5 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 3 → 3 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 25% long-term, 62% new
■ 25% conviction (2yr+)
■ 12% medium
■ 62% new
Of the 8 current holders: 2 (25%) held >2 years, 1 held 1–2 years, and 5 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.
💎
Buying through price weakness — shares +41%, value -46%
Last quarter: funds added +41% more shares while total portfolio value only changed -46%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~4 new funds/quarter
8 → 2 → 3 → 3 → 4 new funds/Q
New funds entering each quarter: 2 → 3 → 3 → 4. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 25% veterans, 50% new entrants
■ 25% veterans
■ 25% 1-2yr
■ 50% new
Of 8 current holders: 2 (25%) held 2+ years, 2 held 1–2 years, 4 (50%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 55% AUM from top-100 funds
55% from top-100 AUM funds
3 of 8 holders are among the 100 largest funds by AUM, controlling 55% of total institutional value in NITO. 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 2.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.