Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Penumbra Inc (PEN)

442 + Investors. Track Smart Money conviction in PEN. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -32
Streak
1Q ▼
Buyers last Q
42%

Smart Money Signals — PEN

Based on 449 hedge funds · latest filing: 2026 Q2 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their PEN positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊

High ownership — 93% of 3.0Y peak

93% of all-time peak
449 funds currently hold this stock — 93% of the 3.0-year high of 481 funds (reached 2026 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️

Stable — ownership unchanged year-over-year

fund count last 6Q
The number of hedge funds holding PEN is almost the same as a year ago (+3 funds, +1% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠

More sellers than buyers — 42% buying

193 buying269 selling
Last quarter: 269 funds reduced or exited vs 193 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.
⚠️

Fewer new buyers each quarter (-83 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 52 → 83 → 131 → 48. 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.
🔒

54% of holders stayed for 2+ years

■ 54% conviction (2yr+) ■ 19% medium ■ 26% new
244 out of 449 hedge funds have held PEN 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 +36%, value -6%

Value
-6%
Shares
+36%
Last quarter: funds added +36% more shares while total portfolio value only changed -6%. 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

85 → 52 → 83 → 131 → 48 new funds/Q
New funds entering each quarter: 52 → 83 → 131 → 48. A growing number of institutions are discovering PEN each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Veteran-anchored — 60% veterans vs 29% newcomers

■ 60% veterans ■ 11% 1-2yr ■ 29% new
Entry-cohort mix of 467 holders: 278 (60%) are 2+ year veterans, 52 entered 1–2 years ago, and 137 (29%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆

Elite ownership — 56% AUM from top-100 funds

56% from top-100 AUM funds
60 of 446 holders are among the 100 largest funds by AUM, controlling 56% of total institutional value in PEN. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
3.9
out of 10
Low Exit Risk
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — PEN

In 2026 Q2, 193 hedge funds were net buyers of PEN (48 opened a new position, 145 added to an existing one), while 269 reduced or exited (189 trimmed, 80 sold completely) — a 42% buyer ratio, indicating roughly balanced activity. 56% of total institutional value in PEN is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: -32 funds (more exits than new entries). Total institutional holders: 449.

Hedge Fund Ownership: PEN

How many hedge funds hold PEN — quarterly history vs. share price
Quarterly hedge fund ownership of PEN vs. share price

Market Analysis: PEN

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: PEN

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Loading signal freshness…
Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

16 top-rated funds 4 high-conviction
Consensus
5.3
/ 10
breadth
×
Elite
3.1
/ 10
conviction
Hedge Fund Positioning: PEN
442 + Investors

Track Smart Money conviction in PEN. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q2) Prior (2026 Q1) Change
Funds Holding 442 481 -8.11%
13F Shares 33M 34M -3.64%
Total Value $10.26B $10.96B -6.38%
New Positions 47 131 -84
Increased Positions 142 148 -6
Closed Positions 83 81 +2
Reduced Positions 181 139 +42
Total Calls 7 7 -
Total Puts 14 7 100.0%
PUT/CALL Ratio 2.0 1.0 Bearish

Statistics: PEN

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Valuation Measures Data as of: --

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Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

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Total Cash (mrq) --
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Institutional Holders (2026 Q2)

442 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in PEN. Verified SEC 13F-HR filings.

QUARTER:
Top 25 PEN holders by conviction (% of portfolio weight) — 2026 Q2 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Slotnik Capital, LLC 10.85% 133,000 $42.0M
2 Birnam Oak Advisors, LP 8.78% 171,277 $54.1M
3 Decagon Asset Management LLP 8.54% 142,001 $44.8M
4 Harvest Management LLC 7.13% 57,487 $18.2M
5 Melqart Asset Management (UK) Ltd 5.58% 185,734 $58.6M
6 Water Island Capital LLC 4.42% 150,456 $47.5M
7 Versor Investments LP 4.31% 6,491 $2.0M
8 Alpine Associates Management INC. 3.73% 188,986 $59.7M
9 P Schoenfeld Asset Management LP 3.38% 26,200 $8.3M
10 Yakira Capital Management, Inc. 3.26% 36,200 $11.4M
11 TIG Advisors, LLC 3.01% 215,082 $67.9M
12 Olympiad Research LP 2.88% 4,389 $1.4M
13 AQR Arbitrage LLC 2.54% 563,873 $178.0M
14 GABELLI & Co INVESTMENT ADVISERS, INC. 2.45% 53,292 $16.8M
15 Westchester Capital Management, LLC 2.43% 157,472 $49.7M
16 Cordgrass Capital Advisors, LLC 2.40% 20,430 $6.5M
17 ExodusPoint Capital Management, LP 2.22% 1,090,430 $344.3M
18 Whitebox Advisors LLC 2.09% 506,881 $160.0M
19 Carret Asset Management, LLC 1.99% 72,000 $22.7M
20 Kryger Capital LLC 1.93% 107,207 $33.9M
21 R Squared Ltd 1.91% 11,502 $3.6M
22 Rock Springs Capital Management LP 1.78% 115,750 $36.5M
23 Champlain Investment Partners, LLC 1.78% 219,032 $69.2M
24 Quarry LP 1.71% 65,227 $20.6M
25 PFM Health Sciences, LP 1.63% 60,221 $19.0M
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Penumbra Inc (PEN)

What does the Smart Money Trend signal show for PEN?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their PEN positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for PEN?

More sellers than buyers — 42% buying: Last quarter: 269 funds reduced or exited vs 193 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.

What is the fund quality score for PEN holders?

Elite ownership — 56% AUM from top-100 funds: 60 of 446 holders are among the 100 largest funds by AUM, controlling 56% of total institutional value in PEN. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

How long have hedge funds held PEN?

54% of holders stayed for 2+ years: 244 out of 449 hedge funds have held PEN 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.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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