Based on 91 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added PDT 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 (100% of max)
100% of all-time peak
91 hedge funds hold PDT 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 — +18% more funds vs a year ago
fund count last 6Q
+14 new funds entered over the past year (+18% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 63% buying
48 buying28 selling
Last quarter: 48 funds were net buyers (18 opened a brand new position + 30 added to an existing one). Only 28 were sellers (18 trimmed + 10 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new PDT position: 9 → 12 → 11 → 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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64% of holders stayed for 2+ years
■ 64% conviction (2yr+)
■ 19% medium
■ 18% new
58 out of 91 hedge funds have held PDT 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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Value +188% but shares only +58% — price-driven
Last quarter: the total dollar value of institutional holdings rose +188%, but actual share count only changed +58%. 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.
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Growing discovery — still being found
14 → 9 → 12 → 11 → 18 new funds/Q
New funds entering each quarter: 9 → 12 → 11 → 18. A growing number of institutions are discovering PDT each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 63% of holders stayed 2+ years
■ 63% veterans
■ 13% 1-2yr
■ 24% new
Of 91 current holders: 57 (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.
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Elite ownership — 73% AUM from top-100 funds
73% from top-100 AUM funds
10 of 91 holders are among the 100 largest funds by AUM, controlling 73% of total institutional value in PDT. 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.