Based on 24 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their DARE 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 — 89% of 3.0Y peak
89% of all-time peak
24 funds currently hold this stock — 89% of the 3.0-year high of 27 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding DARE is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 50% buying
11 buying11 selling
Last quarter: 11 funds bought or added vs 11 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.
⚠️
Fewer new buyers each quarter (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 1 → 4 → 11 → 5. 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 — 38% entered in last year
■ 12% conviction (2yr+)
■ 50% medium
■ 38% 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.
➡️
Steady discovery — ~5 new funds/quarter
1 → 1 → 4 → 11 → 5 new funds/Q
New funds entering each quarter: 1 → 4 → 11 → 5. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 12% veterans, 42% new entrants
■ 12% veterans
■ 46% 1-2yr
■ 42% new
Of 24 current holders: 3 (12%) held 2+ years, 11 held 1–2 years, 10 (42%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 28% AUM from major funds
28% from top-100 AUM funds
6 of 24 holders rank in the top 100 by AUM, accounting for 28% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.