Based on 285 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 PGNY 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 — 90% of 3.0Y peak
90% of all-time peak
285 funds currently hold this stock — 90% of the 3.0-year high of 318 funds (reached 2024 Q2). 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 PGNY is almost the same as a year ago (-2 funds, -1% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 50% buying
156 buying153 selling
Last quarter: 156 funds bought or added vs 153 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 (-22 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 46 → 39 → 62 → 40. 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.
🔒
57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 24% medium
■ 19% new
163 out of 285 hedge funds have held PGNY 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 -13%, value -43%
Last quarter: funds added -13% more shares while total portfolio value only changed -43%. 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
66 → 46 → 39 → 62 → 40 new funds/Q
New funds entering each quarter: 46 → 39 → 62 → 40. A growing number of institutions are discovering PGNY each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 61% veterans vs 26% newcomers
■ 61% veterans
■ 14% 1-2yr
■ 26% new
Entry-cohort mix of 289 holders: 175 (61%) are 2+ year veterans, 40 entered 1–2 years ago, and 74 (26%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 47% AUM from top-100 funds
47% from top-100 AUM funds
52 of 284 holders are among the 100 largest funds by AUM, controlling 47% of total institutional value in PGNY. 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 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.