Based on 210 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added DAWN 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 (100% of max)
100% of all-time peak
210 hedge funds hold DAWN 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 — +17% more funds vs a year ago
fund count last 6Q
+30 new funds entered over the past year (+17% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 58% buying
150 buying107 selling
Last quarter: 150 funds bought or added vs 107 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.
📈
More new buyers each quarter (+41 vs last Q)
new funds entering per quarter
Funds opening a new DAWN position: 27 → 31 → 45 → 86. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
📌
Mixed — 35% long-term, 41% new
■ 35% conviction (2yr+)
■ 24% medium
■ 41% new
Of the 210 current holders: 73 (35%) held >2 years, 50 held 1–2 years, and 87 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.
💰
Value +122% but shares only +3% — price-driven
Last quarter: the total dollar value of institutional holdings rose +122%, but actual share count only changed +3%. 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.
🚀
Acceleration phase — new buyers rushing in
42 → 27 → 31 → 45 → 86 new funds/Q
New funds entering each quarter: 27 → 31 → 45 → 86. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️
Veteran-anchored — 44% veterans vs 44% newcomers
■ 44% veterans
■ 12% 1-2yr
■ 44% new
Entry-cohort mix of 219 holders: 96 (44%) are 2+ year veterans, 26 entered 1–2 years ago, and 97 (44%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 38% AUM from major funds
38% from top-100 AUM funds
45 of 206 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.3
out of 10
Moderate Exit Risk
Exit risk score 4.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.