Based on 130 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds added UPB 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
130 hedge funds hold UPB 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 — +94% more funds vs a year ago
fund count last 6Q
+63 new funds entered over the past year (+94% 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 — 66% buying
85 buying44 selling
Last quarter: 85 funds were net buyers (44 opened a brand new position + 41 added to an existing one). Only 44 were sellers (34 trimmed + 10 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+19 vs last Q)
new funds entering per quarter
Funds opening a new UPB position: 26 → 14 → 25 → 44. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔄
Mostly new holders — 47% entered in last year
■ 2% conviction (2yr+)
■ 51% medium
■ 47% new
Only 3 funds (2%) 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.
💰
Value +65% but shares only +14% — price-driven
Last quarter: the total dollar value of institutional holdings rose +65%, but actual share count only changed +14%. 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.
🚀
Acceleration phase — new buyers rushing in
67 → 26 → 14 → 25 → 44 new funds/Q
New funds entering each quarter: 26 → 14 → 25 → 44. 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.
🌱
Early stage — 93% of holders entered in last year
■ 7% veterans
■ 0% 1-2yr
■ 93% new
Of 133 current holders: 124 (93%) entered in the past year, only 9 (7%) 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.
🏆
Elite ownership — 43% AUM from top-100 funds
43% from top-100 AUM funds
29 of 130 holders are among the 100 largest funds by AUM, controlling 43% of total institutional value in UPB. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
5.2
out of 10
Moderate Exit Risk
Exit risk score 5.2/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.