Based on 417 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their DOCS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 85% of 3.0Y peak
85% of all-time peak
417 funds currently hold this stock — 85% of the 3.0-year high of 493 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 14% fewer funds vs a year ago
fund count last 6Q
70 fewer hedge funds hold DOCS compared to a year ago (-14% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More sellers than buyers — 49% buying
249 buying257 selling
Last quarter: 257 funds reduced or exited vs 249 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 (-15 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 93 → 82 → 96 → 81. 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.
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50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 27% medium
■ 23% new
208 out of 417 hedge funds have held DOCS 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 +1%, value -48%
Last quarter: funds added +1% more shares while total portfolio value only changed -48%. 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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Steady discovery — ~81 new funds/quarter
114 → 93 → 82 → 96 → 81 new funds/Q
New funds entering each quarter: 93 → 82 → 96 → 81. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 58% veterans vs 29% newcomers
■ 58% veterans
■ 13% 1-2yr
■ 29% new
Entry-cohort mix of 437 holders: 254 (58%) are 2+ year veterans, 55 entered 1–2 years ago, and 128 (29%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 43% AUM from top-100 funds
43% from top-100 AUM funds
56 of 413 holders are among the 100 largest funds by AUM, controlling 43% of total institutional value in DOCS. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 2.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.