Based on 16 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added TAXE 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
16 hedge funds hold TAXE right now — the highest count in 1.5 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 — +700% more funds vs a year ago
fund count last 6Q
+14 new funds entered over the past year (+700% 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.
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More buyers than sellers — 93% buying
14 buying1 selling
Last quarter: 14 funds were net buyers (10 opened a brand new position + 4 added to an existing one). Only 1 were sellers (1 trimmed + 0 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new TAXE position: 3 → 2 → 3 → 10. 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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Mostly new holders — 94% entered in last year
■ 0% conviction (2yr+)
■ 6% medium
■ 94% new
Only 0 funds (0%) 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.
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Value +138% but shares only +71% — price-driven
Last quarter: the total dollar value of institutional holdings rose +138%, but actual share count only changed +71%. 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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Steady discovery — ~10 new funds/quarter
1 → 3 → 2 → 3 → 10 new funds/Q
New funds entering each quarter: 3 → 2 → 3 → 10. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 94% of holders entered in last year
■ 0% veterans
■ 6% 1-2yr
■ 94% new
Of 16 current holders: 15 (94%) entered in the past year, only 0 (0%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
✅
Strong quality — 25% AUM from major funds
25% from top-100 AUM funds
3 of 16 holders rank in the top 100 by AUM, accounting for 25% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 7.3/10 — multiple crowding signals converge. Institutional ownership is at 100% of its all-time high — near peak crowding. Crowded trades can unwind fast — a single catalyst can trigger a cascade.