Based on 464 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added CART 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 (99% of max)
99% of all-time peak
464 hedge funds hold CART 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 — +9% more funds vs a year ago
fund count last 6Q
+39 new funds entered over the past year (+9% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 56% buying
276 buying218 selling
Last quarter: 276 funds bought or added vs 218 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.
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More new buyers each quarter (+17 vs last Q)
new funds entering per quarter
Funds opening a new CART position: 105 → 77 → 81 → 98. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
📌
Mixed — 26% long-term, 27% new
■ 26% conviction (2yr+)
■ 47% medium
■ 27% new
Of the 464 current holders: 119 (26%) held >2 years, 219 held 1–2 years, and 126 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 -4%, value -20%
Last quarter: funds added -4% more shares while total portfolio value only changed -20%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~98 new funds/quarter
133 → 105 → 77 → 81 → 98 new funds/Q
New funds entering each quarter: 105 → 77 → 81 → 98. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 25% veterans, 43% new entrants
■ 25% veterans
■ 32% 1-2yr
■ 43% new
Of 488 current holders: 123 (25%) held 2+ years, 156 held 1–2 years, 209 (43%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 26% AUM from major funds
26% from top-100 AUM funds
58 of 463 holders rank in the top 100 by AUM, accounting for 26% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.