Based on 26 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added DARE 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 (96% of max)
96% of all-time peak
26 hedge funds hold DARE 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 — +8% more funds vs a year ago
fund count last 6Q
+2 new funds entered over the past year (+8% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 67% buying
18 buying9 selling
Last quarter: 18 funds were net buyers (7 opened a brand new position + 11 added to an existing one). Only 9 were sellers (4 trimmed + 5 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 11 → 5 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 54% entered in last year
■ 12% conviction (2yr+)
■ 35% medium
■ 54% new
Only 3 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.
💰
Value +43% but shares only +25% — price-driven
Last quarter: the total dollar value of institutional holdings rose +43%, but actual share count only changed +25%. 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.
📊
Peak discovery — momentum slowing
2 → 4 → 11 → 5 → 7 new funds/Q
New funds entering each quarter: 4 → 11 → 5 → 7. DARE is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
📊
Mixed cohorts — 4% veterans, 54% new entrants
■ 4% veterans
■ 42% 1-2yr
■ 54% new
Of 26 current holders: 1 (4%) held 2+ years, 11 held 1–2 years, 14 (54%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 24% AUM from major funds
24% from top-100 AUM funds
8 of 26 holders rank in the top 100 by AUM, accounting for 24% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.2
out of 10
Moderate Exit Risk
Exit risk score 4.2/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.