Based on 32 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 NMT positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (97% of max)
97% of all-time peak
32 hedge funds hold NMT 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 — +28% more funds vs a year ago
fund count last 6Q
+7 new funds entered over the past year (+28% 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 4 quarters from the low — a sharp move.
🟢
More buyers than sellers — 64% buying
16 buying9 selling
Last quarter: 16 funds were net buyers (5 opened a brand new position + 11 added to an existing one). Only 9 were sellers (3 trimmed + 6 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: 6 → 1 → 8 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 25% medium
■ 22% new
17 out of 32 hedge funds have held NMT for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎
Buying through price weakness — shares -45%, value -94%
Last quarter: funds added -45% more shares while total portfolio value only changed -94%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~5 new funds/quarter
6 → 6 → 1 → 8 → 5 new funds/Q
New funds entering each quarter: 6 → 1 → 8 → 5. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 53% veterans vs 28% newcomers
■ 53% veterans
■ 19% 1-2yr
■ 28% new
Entry-cohort mix of 32 holders: 17 (53%) are 2+ year veterans, 6 entered 1–2 years ago, and 9 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 61% AUM from top-100 funds
61% from top-100 AUM funds
8 of 32 holders are among the 100 largest funds by AUM, controlling 61% of total institutional value in NMT. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.