Based on 433 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 PCOR 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 (95% of max)
95% of all-time peak
433 hedge funds hold PCOR 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.
📶
Steady growth — +9% more funds vs a year ago
fund count last 6Q
+36 new funds entered over the past year (+9% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 54% buying
267 buying227 selling
Last quarter: 267 funds bought or added vs 227 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.
⚠️
Fewer new buyers each quarter (-23 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 63 → 58 → 100 → 77. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
46% of holders stayed for 2+ years
■ 46% conviction (2yr+)
■ 24% medium
■ 30% new
198 out of 433 hedge funds have held PCOR 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.
💎
Buying through price weakness — shares +1%, value -22%
Last quarter: funds added +1% more shares while total portfolio value only changed -22%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
62 → 63 → 58 → 100 → 77 new funds/Q
New funds entering each quarter: 63 → 58 → 100 → 77. A growing number of institutions are discovering PCOR each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 49% veterans vs 33% newcomers
■ 49% veterans
■ 18% 1-2yr
■ 33% new
Entry-cohort mix of 447 holders: 221 (49%) are 2+ year veterans, 80 entered 1–2 years ago, and 146 (33%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 44% AUM from top-100 funds
44% from top-100 AUM funds
55 of 428 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in PCOR. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.