Based on 241 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 8 quarters in a row
For 8 consecutive quarters, more hedge funds added PPTA 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
241 hedge funds hold PPTA 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 — +117% more funds vs a year ago
fund count last 6Q
+130 new funds entered over the past year (+117% 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.
🟢
More buyers than sellers — 63% buying
166 buying99 selling
Last quarter: 166 funds were net buyers (72 opened a brand new position + 94 added to an existing one). Only 99 were sellers (55 trimmed + 44 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+9 vs last Q)
new funds entering per quarter
Funds opening a new PPTA position: 33 → 68 → 63 → 72. 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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Mostly new holders — 54% entered in last year
■ 24% conviction (2yr+)
■ 23% medium
■ 54% new
Only 57 funds (24%) 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 +29% but shares only +8% — price-driven
Last quarter: the total dollar value of institutional holdings rose +29%, but actual share count only changed +8%. 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.
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Growing discovery — still being found
31 → 33 → 68 → 63 → 72 new funds/Q
New funds entering each quarter: 33 → 68 → 63 → 72. A growing number of institutions are discovering PPTA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🌱
Early stage — 63% of holders entered in last year
■ 31% veterans
■ 6% 1-2yr
■ 63% new
Of 251 current holders: 158 (63%) entered in the past year, only 77 (31%) 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.
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Smaller funds dominant — 19% AUM from top-100
19% from top-100 AUM funds
32 of 241 holders rank in the top 100 by AUM, but together hold only 19% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
5.7
out of 10
Moderate Exit Risk
Exit risk score 5.7/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.