Based on 67 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added SNDA 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
67 hedge funds hold SNDA 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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Steady growth — +18% more funds vs a year ago
fund count last 6Q
+10 new funds entered over the past year (+18% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 55% buying
33 buying27 selling
Last quarter: 33 funds bought or added vs 27 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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Steady new buyers — ~13 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 7 → 5 → 9 → 13. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mixed — 34% long-term, 24% new
■ 34% conviction (2yr+)
■ 42% medium
■ 24% new
Of the 67 current holders: 23 (34%) held >2 years, 28 held 1–2 years, and 16 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
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Value +25% but shares only +6% — price-driven
Last quarter: the total dollar value of institutional holdings rose +25%, but actual share count only changed +6%. 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
8 → 7 → 5 → 9 → 13 new funds/Q
New funds entering each quarter: 7 → 5 → 9 → 13. A growing number of institutions are discovering SNDA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 37% veterans, 33% new entrants
■ 37% veterans
■ 30% 1-2yr
■ 33% new
Of 67 current holders: 25 (37%) held 2+ years, 20 held 1–2 years, 22 (33%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 6% AUM from top-100
6% from top-100 AUM funds
19 of 67 holders rank in the top 100 by AUM, but together hold only 6% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.