Based on 8 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their NVOX 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 53% of 1.8Y high
53% of all-time peak
Only 8 funds hold NVOX today versus a peak of 15 funds at 2025 Q3 — just 53% 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.
🚀
Fast accumulation — +167% more funds vs a year ago
fund count last 6Q
+5 new funds entered over the past year (+167% 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 3 quarters from the low — a sharp move.
🔴
Heavy selling pressure — only 27% buying
4 buying11 selling
Last quarter: 11 funds sold vs only 4 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 12 → 2 → 7 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 25% entered in last year
■ 12% conviction (2yr+)
■ 62% medium
■ 25% new
Only 1 funds (12%) 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.
💰
Price up while funds trimmed (-19% value, -54% shares)
Last quarter: total value of institutional NVOX holdings rose -19% even though funds reduced share count by 54%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
📊
Peak discovery — momentum slowing
1 → 12 → 2 → 7 → 2 new funds/Q
New funds entering each quarter: 12 → 2 → 7 → 2. NVOX is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🌱
Early stage — 78% of holders entered in last year
■ 0% veterans
■ 22% 1-2yr
■ 78% new
Of 9 current holders: 7 (78%) entered in the past year, only 0 (0%) 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 — 28% AUM from major funds
28% from top-100 AUM funds
3 of 8 holders rank in the top 100 by AUM, accounting for 28% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.