Based on 101 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their WRD positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 94% of 3.0Y peak
94% of all-time peak
101 funds currently hold this stock — 94% of the 3.0-year high of 108 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀
Fast accumulation — +494% more funds vs a year ago
fund count last 6Q
+84 new funds entered over the past year (+494% 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 sellers than buyers — 49% buying
67 buying69 selling
Last quarter: 69 funds reduced or exited vs 67 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️
Fewer new buyers each quarter (-22 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 23 → 45 → 51 → 29. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔄
Mostly new holders — 68% entered in last year
■ 3% conviction (2yr+)
■ 29% medium
■ 68% new
Only 3 funds (3%) 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.
📈
Growing discovery — still being found
17 → 23 → 45 → 51 → 29 new funds/Q
New funds entering each quarter: 23 → 45 → 51 → 29. A growing number of institutions are discovering WRD each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🌱
Early stage — 94% of holders entered in last year
■ 6% veterans
■ 0% 1-2yr
■ 94% new
Of 115 current holders: 108 (94%) entered in the past year, only 7 (6%) 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 — 21% AUM from major funds
21% from top-100 AUM funds
16 of 101 holders rank in the top 100 by AUM, accounting for 21% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
6.5
out of 10
Moderate Exit Risk
Exit risk score 6.5/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.