Based on 245 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added PRAX 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
245 hedge funds hold PRAX 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 — +58% more funds vs a year ago
fund count last 6Q
+90 new funds entered over the past year (+58% 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 — 77% buying
201 buying61 selling
Last quarter: 201 funds were net buyers (114 opened a brand new position + 87 added to an existing one). Only 61 were sellers (47 trimmed + 14 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+89 vs last Q)
new funds entering per quarter
Funds opening a new PRAX position: 34 → 24 → 25 → 114. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔄
Mostly new holders — 45% entered in last year
■ 18% conviction (2yr+)
■ 37% medium
■ 45% new
Only 43 funds (18%) 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 +579% but shares only +20% — price-driven
Last quarter: the total dollar value of institutional holdings rose +579%, but actual share count only changed +20%. 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.
🚀
Acceleration phase — new buyers rushing in
33 → 34 → 24 → 25 → 114 new funds/Q
New funds entering each quarter: 34 → 24 → 25 → 114. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
📊
Mixed cohorts — 6% veterans, 48% new entrants
■ 6% veterans
■ 46% 1-2yr
■ 48% new
Of 260 current holders: 15 (6%) held 2+ years, 119 held 1–2 years, 126 (48%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 39% AUM from major funds
39% from top-100 AUM funds
37 of 245 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.
4.8
out of 10
Moderate Exit Risk
Exit risk score 4.8/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.