Based on 213 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added PNOV 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 (95% of max)
95% of all-time peak
213 hedge funds hold PNOV 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.
📶
Steady growth — +19% more funds vs a year ago
fund count last 6Q
+34 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.
🔴
Heavy selling pressure — only 23% buying
35 buying120 selling
Last quarter: 120 funds sold vs only 35 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~19 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 9 → 63 → 16 → 19. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 20% medium
■ 27% new
113 out of 213 hedge funds have held PNOV 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.
📊
Peak discovery — momentum slowing
16 → 9 → 63 → 16 → 19 new funds/Q
New funds entering each quarter: 9 → 63 → 16 → 19. PNOV is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 56% veterans vs 29% newcomers
■ 56% veterans
■ 15% 1-2yr
■ 29% new
Entry-cohort mix of 213 holders: 119 (56%) are 2+ year veterans, 33 entered 1–2 years ago, and 61 (29%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 39% AUM from major funds
39% from top-100 AUM funds
11 of 212 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
5.0
out of 10
Moderate Exit Risk
Exit risk score 5.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.