Based on 113 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added PDS 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 (97% of max)
97% of all-time peak
113 hedge funds hold PDS 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.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding PDS is almost the same as a year ago (-3 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 56% buying
64 buying51 selling
Last quarter: 64 funds bought or added vs 51 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.
➡️
Steady new buyers — ~22 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 24 → 16 → 17 → 22. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
52% of holders stayed for 2+ years
■ 52% conviction (2yr+)
■ 27% medium
■ 21% new
59 out of 113 hedge funds have held PDS 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 +58% but shares only +14% — price-driven
Last quarter: the total dollar value of institutional holdings rose +58%, but actual share count only changed +14%. 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 — ~22 new funds/quarter
18 → 24 → 16 → 17 → 22 new funds/Q
New funds entering each quarter: 24 → 16 → 17 → 22. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 63% of holders stayed 2+ years
■ 63% veterans
■ 14% 1-2yr
■ 24% new
Of 118 current holders: 74 (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.
✅
Strong quality — 35% AUM from major funds
35% from top-100 AUM funds
25 of 113 holders rank in the top 100 by AUM, accounting for 35% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.