Based on 108 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 NPWR 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 (99% of max)
99% of all-time peak
108 hedge funds hold NPWR 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding NPWR is almost the same as a year ago (-1 funds, -1% change). No significant rush to buy or sell — institutional backing is holding steady.
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More sellers than buyers — 47% buying
50 buying56 selling
Last quarter: 56 funds reduced or exited vs 50 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
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More new buyers each quarter (+10 vs last Q)
new funds entering per quarter
Funds opening a new NPWR position: 24 → 18 → 15 → 25. 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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Mixed — 31% long-term, 32% new
■ 31% conviction (2yr+)
■ 36% medium
■ 32% new
Of the 108 current holders: 34 (31%) held >2 years, 39 held 1–2 years, and 35 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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Buying through price weakness — shares -4%, value -84%
Last quarter: funds added -4% more shares while total portfolio value only changed -84%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Steady discovery — ~25 new funds/quarter
30 → 24 → 18 → 15 → 25 new funds/Q
New funds entering each quarter: 24 → 18 → 15 → 25. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 28% veterans, 42% new entrants
■ 28% veterans
■ 29% 1-2yr
■ 42% new
Of 113 current holders: 32 (28%) held 2+ years, 33 held 1–2 years, 48 (42%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 17% AUM from top-100
17% from top-100 AUM funds
24 of 108 holders rank in the top 100 by AUM, but together hold only 17% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.