Based on 147 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added OPRA 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.
📊
High ownership — 94% of 3.0Y peak
94% of all-time peak
147 funds currently hold this stock — 94% of the 3.0-year high of 156 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +4% more funds vs a year ago
fund count last 6Q
+6 new funds entered over the past year (+4% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 56% buying
83 buying65 selling
Last quarter: 83 funds bought or added vs 65 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.
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More new buyers each quarter (+10 vs last Q)
new funds entering per quarter
Funds opening a new OPRA position: 38 → 26 → 25 → 35. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
46% of holders stayed for 2+ years
■ 46% conviction (2yr+)
■ 29% medium
■ 25% new
68 out of 147 hedge funds have held OPRA for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💰
Value +37% but shares only +4% — price-driven
Last quarter: the total dollar value of institutional holdings rose +37%, but actual share count only changed +4%. 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 — ~35 new funds/quarter
32 → 38 → 26 → 25 → 35 new funds/Q
New funds entering each quarter: 38 → 26 → 25 → 35. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 54% veterans vs 28% newcomers
■ 54% veterans
■ 18% 1-2yr
■ 28% new
Entry-cohort mix of 158 holders: 86 (54%) are 2+ year veterans, 28 entered 1–2 years ago, and 44 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 29% AUM from major funds
29% from top-100 AUM funds
29 of 145 holders rank in the top 100 by AUM, accounting for 29% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.