Based on 18 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added NOVZ 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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High ownership — 72% of 3.0Y peak
72% of all-time peak
18 funds currently hold this stock — 72% of the 3.0-year high of 25 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 25% fewer funds vs a year ago
fund count last 6Q
6 fewer hedge funds hold NOVZ compared to a year ago (-25% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 58% buying
7 buying5 selling
Last quarter: 7 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 — ~5 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 5 → 1 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mixed — 33% long-term, 39% new
■ 33% conviction (2yr+)
■ 28% medium
■ 39% new
Of the 18 current holders: 6 (33%) held >2 years, 5 held 1–2 years, and 7 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.
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Value +132% but shares only +94% — price-driven
Last quarter: the total dollar value of institutional holdings rose +132%, but actual share count only changed +94%. 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.
➡️
Steady discovery — ~5 new funds/quarter
3 → 2 → 5 → 1 → 5 new funds/Q
New funds entering each quarter: 2 → 5 → 1 → 5. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 33% veterans, 39% new entrants
■ 33% veterans
■ 28% 1-2yr
■ 39% new
Of 18 current holders: 6 (33%) held 2+ years, 5 held 1–2 years, 7 (39%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 1% AUM from top-100
1% from top-100 AUM funds
2 of 18 holders rank in the top 100 by AUM, but together hold only 1% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.