Based on 176 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added PAY 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
176 hedge funds hold PAY 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 — +26% more funds vs a year ago
fund count last 6Q
+36 new funds entered over the past year (+26% 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.
🟢
More buyers than sellers — 66% buying
128 buying67 selling
Last quarter: 128 funds were net buyers (45 opened a brand new position + 83 added to an existing one). Only 67 were sellers (41 trimmed + 26 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+10 vs last Q)
new funds entering per quarter
Funds opening a new PAY position: 23 → 41 → 35 → 45. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 18% medium
■ 26% new
98 out of 176 hedge funds have held PAY 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.
📈
Growing discovery — still being found
46 → 23 → 41 → 35 → 45 new funds/Q
New funds entering each quarter: 23 → 41 → 35 → 45. A growing number of institutions are discovering PAY each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 63% of holders stayed 2+ years
■ 63% veterans
■ 8% 1-2yr
■ 28% new
Of 180 current holders: 114 (63%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
🏆
Elite ownership — 46% AUM from top-100 funds
46% from top-100 AUM funds
31 of 176 holders are among the 100 largest funds by AUM, controlling 46% of total institutional value in PAY. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.