Based on 75 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added THNQ 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
75 hedge funds hold THNQ 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.
🚀
Fast accumulation — +60% more funds vs a year ago
fund count last 6Q
+28 new funds entered over the past year (+60% 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.
🟢
More buyers than sellers — 67% buying
45 buying22 selling
Last quarter: 45 funds were net buyers (18 opened a brand new position + 27 added to an existing one). Only 22 were sellers (12 trimmed + 10 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~18 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 11 → 8 → 21 → 18. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 29% long-term, 43% new
■ 29% conviction (2yr+)
■ 28% medium
■ 43% new
Of the 75 current holders: 22 (29%) held >2 years, 21 held 1–2 years, and 32 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.
🚀
Acceleration phase — new buyers rushing in
13 → 11 → 8 → 21 → 18 new funds/Q
New funds entering each quarter: 11 → 8 → 21 → 18. 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.
📊
Mixed cohorts — 32% veterans, 53% new entrants
■ 32% veterans
■ 15% 1-2yr
■ 53% new
Of 75 current holders: 24 (32%) held 2+ years, 11 held 1–2 years, 40 (53%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 45% AUM from top-100 funds
45% from top-100 AUM funds
11 of 75 holders are among the 100 largest funds by AUM, controlling 45% of total institutional value in THNQ. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.9
out of 10
Moderate Exit Risk
Exit risk score 4.9/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.