Based on 222 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added ERAS 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
222 hedge funds hold ERAS 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.
🚀
Fast accumulation — +46% more funds vs a year ago
fund count last 6Q
+70 new funds entered over the past year (+46% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 73% buying
175 buying66 selling
Last quarter: 175 funds were net buyers (96 opened a brand new position + 79 added to an existing one). Only 66 were sellers (38 trimmed + 28 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+62 vs last Q)
new funds entering per quarter
Funds opening a new ERAS position: 25 → 16 → 34 → 96. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
📌
Mixed — 32% long-term, 38% new
■ 32% conviction (2yr+)
■ 30% medium
■ 38% new
Of the 222 current holders: 70 (32%) held >2 years, 67 held 1–2 years, and 85 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 +416% but shares only +31% — price-driven
Last quarter: the total dollar value of institutional holdings rose +416%, but actual share count only changed +31%. 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
28 → 25 → 16 → 34 → 96 new funds/Q
New funds entering each quarter: 25 → 16 → 34 → 96. 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 40% newcomers
■ 44% veterans
■ 16% 1-2yr
■ 40% new
Entry-cohort mix of 230 holders: 102 (44%) are 2+ year veterans, 36 entered 1–2 years ago, and 92 (40%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 20% AUM from major funds
20% from top-100 AUM funds
45 of 220 holders rank in the top 100 by AUM, accounting for 20% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.6
out of 10
Moderate Exit Risk
Exit risk score 4.6/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.