Based on 60 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their PTH positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 90% of 3.0Y peak
90% of all-time peak
60 funds currently hold this stock — 90% of the 3.0-year high of 67 funds (reached 2023 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding PTH is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
🔴
Heavy selling pressure — only 38% buying
18 buying29 selling
Last quarter: 29 funds sold vs only 18 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 3 → 6 → 14 → 7. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
68% of holders stayed for 2+ years
■ 68% conviction (2yr+)
■ 20% medium
■ 12% new
41 out of 60 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.
➡️
Steady discovery — ~7 new funds/quarter
10 → 3 → 6 → 14 → 7 new funds/Q
New funds entering each quarter: 3 → 6 → 14 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 70% veterans vs 17% newcomers
■ 70% veterans
■ 13% 1-2yr
■ 17% new
Entry-cohort mix of 60 holders: 42 (70%) are 2+ year veterans, 8 entered 1–2 years ago, and 10 (17%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 60% AUM from top-100 funds
60% from top-100 AUM funds
13 of 60 holders are among the 100 largest funds by AUM, controlling 60% 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.