Based on 16 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added WAVE 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 WAVE 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 — +33% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+33% 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. The peak was reached in just 3 quarters from the low — a sharp move.
🟢
More buyers than sellers — 64% buying
9 buying5 selling
Last quarter: 9 funds were net buyers (6 opened a brand new position + 3 added to an existing one). Only 5 were sellers (2 trimmed + 3 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 4 → 3 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 56% entered in last year
■ 12% conviction (2yr+)
■ 31% medium
■ 56% new
Only 2 funds (12%) 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.
➡️
Steady discovery — ~6 new funds/quarter
1 → 1 → 4 → 3 → 6 new funds/Q
New funds entering each quarter: 1 → 4 → 3 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 12% veterans, 50% new entrants
■ 12% veterans
■ 38% 1-2yr
■ 50% new
Of 16 current holders: 2 (12%) held 2+ years, 6 held 1–2 years, 8 (50%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 55% AUM from top-100 funds
55% from top-100 AUM funds
6 of 16 holders are among the 100 largest funds by AUM, controlling 55% of total institutional value in WAVE. 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.