Based on 198 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 7 quarters in a row
For 7 consecutive quarters, more hedge funds added NNE 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
198 hedge funds hold NNE 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 — +78% more funds vs a year ago
fund count last 6Q
+87 new funds entered over the past year (+78% 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 — 63% buying
147 buying86 selling
Last quarter: 147 funds were net buyers (56 opened a brand new position + 91 added to an existing one). Only 86 were sellers (37 trimmed + 49 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~56 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 62 → 49 → 56 → 56. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 43% entered in last year
■ 5% conviction (2yr+)
■ 52% medium
■ 43% new
Only 10 funds (5%) 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.
💎
Buying through price weakness — shares +32%, value -18%
Last quarter: funds added +32% more shares while total portfolio value only changed -18%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~56 new funds/quarter
72 → 62 → 49 → 56 → 56 new funds/Q
New funds entering each quarter: 62 → 49 → 56 → 56. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 81% of holders entered in last year
■ 3% veterans
■ 15% 1-2yr
■ 81% new
Of 216 current holders: 176 (81%) entered in the past year, only 7 (3%) 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.
✅
Strong quality — 26% AUM from major funds
26% from top-100 AUM funds
27 of 198 holders rank in the top 100 by AUM, accounting for 26% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.8
out of 10
Moderate Exit Risk
Exit risk score 4.8/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.