Based on 68 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added PTH 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.
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At the ownership peak (100% of max)
100% of all-time peak
68 hedge funds hold PTH 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.
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Fast accumulation — +28% more funds vs a year ago
fund count last 6Q
+15 new funds entered over the past year (+28% 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.
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More sellers than buyers — 48% buying
25 buying27 selling
Last quarter: 27 funds reduced or exited vs 25 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
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More new buyers each quarter (+8 vs last Q)
new funds entering per quarter
Funds opening a new PTH position: 6 → 14 → 7 → 15. 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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66% of holders stayed for 2+ years
■ 66% conviction (2yr+)
■ 18% medium
■ 16% new
45 out of 68 hedge funds have held PTH 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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Price up while funds trimmed (+20% value, -2% shares)
Last quarter: total value of institutional PTH holdings rose +20% even though funds reduced share count by 2%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Steady discovery — ~15 new funds/quarter
4 → 6 → 14 → 7 → 15 new funds/Q
New funds entering each quarter: 6 → 14 → 7 → 15. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 69% veterans vs 19% newcomers
■ 69% veterans
■ 12% 1-2yr
■ 19% new
Entry-cohort mix of 68 holders: 47 (69%) are 2+ year veterans, 8 entered 1–2 years ago, and 13 (19%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 58% AUM from top-100 funds
58% from top-100 AUM funds
12 of 68 holders are among the 100 largest funds by AUM, controlling 58% of total institutional value in PTH. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.