Based on 106 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added PBE 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.
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At the ownership peak (98% of max)
98% of all-time peak
106 hedge funds hold PBE 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.
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Steady growth — +15% more funds vs a year ago
fund count last 6Q
+14 new funds entered over the past year (+15% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More sellers than buyers — 46% buying
39 buying45 selling
Last quarter: 45 funds reduced or exited vs 39 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
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More new buyers each quarter (+10 vs last Q)
new funds entering per quarter
Funds opening a new PBE position: 8 → 20 → 8 → 18. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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66% of holders stayed for 2+ years
■ 66% conviction (2yr+)
■ 16% medium
■ 18% new
70 out of 106 hedge funds have held PBE 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.
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Steady discovery — ~18 new funds/quarter
5 → 8 → 20 → 8 → 18 new funds/Q
New funds entering each quarter: 8 → 20 → 8 → 18. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 70% veterans vs 21% newcomers
■ 70% veterans
■ 9% 1-2yr
■ 21% new
Entry-cohort mix of 106 holders: 74 (70%) are 2+ year veterans, 10 entered 1–2 years ago, and 22 (21%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 49% AUM from top-100 funds
49% from top-100 AUM funds
19 of 106 holders are among the 100 largest funds by AUM, controlling 49% of total institutional value in PBE. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.