Based on 51 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 6 quarters in a row
For 6 consecutive quarters, more hedge funds reduced or closed their PETS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 34% of 3.0Y high
34% of all-time peak
Only 51 funds hold PETS today versus a peak of 152 funds at 2023 Q1 — just 34% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
📉
Outflows — 39% fewer funds vs a year ago
fund count last 6Q
32 fewer hedge funds hold PETS compared to a year ago (-39% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 47% buying
27 buying31 selling
Last quarter: 31 funds reduced or exited vs 27 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.
➡️
Steady new buyers — ~10 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 7 → 6 → 5 → 10. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 16% medium
■ 22% new
32 out of 51 hedge funds have held PETS 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 +29% but shares only +2% — price-driven
Last quarter: the total dollar value of institutional holdings rose +29%, but actual share count only changed +2%. 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 — ~10 new funds/quarter
14 → 7 → 6 → 5 → 10 new funds/Q
New funds entering each quarter: 7 → 6 → 5 → 10. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 76% of holders stayed 2+ years
■ 76% veterans
■ 5% 1-2yr
■ 18% new
Of 55 current holders: 42 (76%) 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
16 of 51 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 1.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.