Based on 9 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 60% of 1.8Y high
60% of all-time peak
Only 9 funds hold NVOX today versus a peak of 15 funds at 2025 Q3 — just 60% 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 — +200% more funds vs a year ago
fund count last 6Q
+6 new funds entered over the past year (+200% 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 33% buying
5 buying10 selling
Last quarter: 10 funds sold vs only 5 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 — 33% entered in last year
■ 11% conviction (2yr+)
■ 56% medium
■ 33% new
Only 1 funds (11%) 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 (-14% value, -52% shares)
Last quarter: total value of institutional NVOX holdings rose -14% even though funds reduced share count by 52%. 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 — 80% of holders entered in last year
■ 0% veterans
■ 20% 1-2yr
■ 80% new
Of 10 current holders: 8 (80%) 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 — 26% AUM from major funds
26% from top-100 AUM funds
3 of 9 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.
Exit risk score 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.