Based on 301 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds reduced or closed their PRGO positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 83% of 3.0Y peak
83% of all-time peak
301 funds currently hold this stock — 83% of the 3.0-year high of 362 funds (reached 2023 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 12% fewer funds vs a year ago
fund count last 6Q
41 fewer hedge funds hold PRGO compared to a year ago (-12% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 51% buying
190 buying179 selling
Last quarter: 190 funds bought or added vs 179 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
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More new buyers each quarter (+45 vs last Q)
new funds entering per quarter
Funds opening a new PRGO position: 39 → 41 → 38 → 83. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
69% of holders stayed for 2+ years
■ 69% conviction (2yr+)
■ 15% medium
■ 16% new
209 out of 301 hedge funds have held PRGO 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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Buying through price weakness — shares +3%, value -35%
Last quarter: funds added +3% more shares while total portfolio value only changed -35%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
🚀
Acceleration phase — new buyers rushing in
54 → 39 → 41 → 38 → 83 new funds/Q
New funds entering each quarter: 39 → 41 → 38 → 83. 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.
🏛️
Deep conviction — 74% of holders stayed 2+ years
■ 74% veterans
■ 6% 1-2yr
■ 21% new
Of 312 current holders: 230 (74%) 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.
🏆
Elite ownership — 40% AUM from top-100 funds
40% from top-100 AUM funds
41 of 301 holders are among the 100 largest funds by AUM, controlling 40% of total institutional value in PRGO. 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 2.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.