Based on 179 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their OS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (97% of max)
97% of all-time peak
179 hedge funds hold OS 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.
🚀
Fast accumulation — +28% more funds vs a year ago
fund count last 6Q
+39 new funds entered over the past year (+28% 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.
🟡
Slight buying edge — 51% buying
132 buying127 selling
Last quarter: 132 funds bought or added vs 127 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.
📈
More new buyers each quarter (+43 vs last Q)
new funds entering per quarter
Funds opening a new OS position: 65 → 52 → 40 → 83. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔄
Mostly new holders — 56% entered in last year
■ 3% conviction (2yr+)
■ 40% medium
■ 56% new
Only 6 funds (3%) 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.
💰
Value +33% but shares only +17% — price-driven
Last quarter: the total dollar value of institutional holdings rose +33%, but actual share count only changed +17%. 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 — ~83 new funds/quarter
31 → 65 → 52 → 40 → 83 new funds/Q
New funds entering each quarter: 65 → 52 → 40 → 83. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 62% of holders entered in last year
■ 2% veterans
■ 36% 1-2yr
■ 62% new
Of 187 current holders: 116 (62%) entered in the past year, only 4 (2%) 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
32 of 177 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.
4.4
out of 10
Moderate Exit Risk
Exit risk score 4.4/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.