Based on 198 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added APPS 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.
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High ownership — 90% of 3.0Y peak
90% of all-time peak
198 funds currently hold this stock — 90% of the 3.0-year high of 221 funds (reached 2023 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀
Fast accumulation — +21% more funds vs a year ago
fund count last 6Q
+34 new funds entered over the past year (+21% 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.
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More sellers than buyers — 43% buying
88 buying118 selling
Last quarter: 118 funds reduced or exited vs 88 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 (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 39 → 28 → 44 → 37. 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.
🔒
62% of holders stayed for 2+ years
■ 62% conviction (2yr+)
■ 22% medium
■ 16% new
123 out of 198 hedge funds have held APPS for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
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Buying through price weakness — shares -0%, value -44%
Last quarter: funds added -0% more shares while total portfolio value only changed -44%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
43 → 39 → 28 → 44 → 37 new funds/Q
New funds entering each quarter: 39 → 28 → 44 → 37. A growing number of institutions are discovering APPS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 74% veterans vs 17% newcomers
■ 74% veterans
■ 9% 1-2yr
■ 17% new
Entry-cohort mix of 209 holders: 155 (74%) are 2+ year veterans, 18 entered 1–2 years ago, and 36 (17%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 35% AUM from major funds
35% from top-100 AUM funds
43 of 198 holders rank in the top 100 by AUM, accounting for 35% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.