Based on 77 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds added ESP 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
77 hedge funds hold ESP 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 — +60% more funds vs a year ago
fund count last 6Q
+29 new funds entered over the past year (+60% 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 — 70% buying
51 buying22 selling
Last quarter: 51 funds were net buyers (26 opened a brand new position + 25 added to an existing one). Only 22 were sellers (13 trimmed + 9 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+9 vs last Q)
new funds entering per quarter
Funds opening a new ESP position: 11 → 11 → 17 → 26. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
📌
Mixed — 31% long-term, 39% new
■ 31% conviction (2yr+)
■ 30% medium
■ 39% new
Of the 77 current holders: 24 (31%) held >2 years, 23 held 1–2 years, and 30 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 +40% but shares only +15% — price-driven
Last quarter: the total dollar value of institutional holdings rose +40%, but actual share count only changed +15%. 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
17 → 11 → 11 → 17 → 26 new funds/Q
New funds entering each quarter: 11 → 11 → 17 → 26. 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.
📊
Mixed cohorts — 39% veterans, 52% new entrants
■ 39% veterans
■ 9% 1-2yr
■ 52% new
Of 77 current holders: 30 (39%) held 2+ years, 7 held 1–2 years, 40 (52%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 49% AUM from top-100 funds
49% from top-100 AUM funds
26 of 77 holders are among the 100 largest funds by AUM, controlling 49% of total institutional value in ESP. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.7
out of 10
Moderate Exit Risk
Exit risk score 4.7/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.