Based on 295 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 PGNY 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 (97% of max)
97% of all-time peak
295 hedge funds hold PGNY 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 — +19% more funds vs a year ago
fund count last 6Q
+48 new funds entered over the past year (+19% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More sellers than buyers — 48% buying
149 buying162 selling
Last quarter: 162 funds reduced or exited vs 149 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.
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More new buyers each quarter (+19 vs last Q)
new funds entering per quarter
Funds opening a new PGNY position: 64 → 45 → 39 → 58. 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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51% of holders stayed for 2+ years
■ 51% conviction (2yr+)
■ 27% medium
■ 22% new
150 out of 295 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.
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Price up while funds trimmed (+15% value, -4% shares)
Last quarter: total value of institutional PGNY holdings rose +15% even though funds reduced share count by 4%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Steady discovery — ~58 new funds/quarter
51 → 64 → 45 → 39 → 58 new funds/Q
New funds entering each quarter: 64 → 45 → 39 → 58. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 58% of holders stayed 2+ years
■ 58% veterans
■ 16% 1-2yr
■ 26% new
Of 299 current holders: 173 (58%) 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 — 48% AUM from top-100 funds
48% from top-100 AUM funds
38 of 295 holders are among the 100 largest funds by AUM, controlling 48% 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.