Based on 74 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds added PNBK 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
74 hedge funds hold PNBK 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.
🚀
Fast accumulation — +429% more funds vs a year ago
fund count last 6Q
+60 new funds entered over the past year (+429% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks. The peak was reached in just 4 quarters from the low — a sharp move.
🟢
More buyers than sellers — 75% buying
47 buying16 selling
Last quarter: 47 funds were net buyers (19 opened a brand new position + 28 added to an existing one). Only 16 were sellers (10 trimmed + 6 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+8 vs last Q)
new funds entering per quarter
Funds opening a new PNBK position: 3 → 42 → 11 → 19. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔄
Mostly new holders — 76% entered in last year
■ 14% conviction (2yr+)
■ 11% medium
■ 76% new
Only 10 funds (14%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
💰
Value +116% but shares only +55% — price-driven
Last quarter: the total dollar value of institutional holdings rose +116%, but actual share count only changed +55%. 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.
📊
Peak discovery — momentum slowing
1 → 3 → 42 → 11 → 19 new funds/Q
New funds entering each quarter: 3 → 42 → 11 → 19. PNBK is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🌱
Early stage — 76% of holders entered in last year
■ 24% veterans
■ 0% 1-2yr
■ 76% new
Of 74 current holders: 56 (76%) entered in the past year, only 18 (24%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
✅
Strong quality — 35% AUM from major funds
35% from top-100 AUM funds
21 of 74 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.
6.9
out of 10
Moderate Exit Risk
Exit risk score 6.9/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.