Based on 42 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added TOON 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
42 hedge funds hold TOON 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.
📶
Steady growth — +14% more funds vs a year ago
fund count last 6Q
+5 new funds entered over the past year (+14% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 54% buying
21 buying18 selling
Last quarter: 21 funds bought or added vs 18 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.
➡️
Steady new buyers — ~10 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 4 → 9 → 10. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 38% long-term, 31% new
■ 38% conviction (2yr+)
■ 31% medium
■ 31% new
Of the 42 current holders: 16 (38%) held >2 years, 13 held 1–2 years, and 13 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.
💎
Buying through price weakness — shares +20%, value -86%
Last quarter: funds added +20% more shares while total portfolio value only changed -86%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~10 new funds/quarter
5 → 5 → 4 → 9 → 10 new funds/Q
New funds entering each quarter: 5 → 4 → 9 → 10. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 40% veterans vs 37% newcomers
■ 40% veterans
■ 23% 1-2yr
■ 37% new
Entry-cohort mix of 43 holders: 17 (40%) are 2+ year veterans, 10 entered 1–2 years ago, and 16 (37%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 16% AUM from top-100
16% from top-100 AUM funds
13 of 42 holders rank in the top 100 by AUM, but together hold only 16% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.