Based on 127 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 9 quarters in a row
For 9 consecutive quarters, more hedge funds added HBT 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.
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At the ownership peak (100% of max)
100% of all-time peak
127 hedge funds hold HBT 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.
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Fast accumulation — +21% more funds vs a year ago
fund count last 6Q
+22 new funds entered over the past year (+21% 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.
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More buyers than sellers — 60% buying
75 buying49 selling
Last quarter: 75 funds were net buyers (21 opened a brand new position + 54 added to an existing one). Only 49 were sellers (31 trimmed + 18 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~21 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 12 → 9 → 20 → 21. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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47% of holders stayed for 2+ years
■ 47% conviction (2yr+)
■ 27% medium
■ 26% new
60 out of 127 hedge funds have held HBT 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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Value +50% but shares only +24% — price-driven
Last quarter: the total dollar value of institutional holdings rose +50%, but actual share count only changed +24%. 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.
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Acceleration phase — new buyers rushing in
9 → 12 → 9 → 20 → 21 new funds/Q
New funds entering each quarter: 12 → 9 → 20 → 21. 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.
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Veteran-anchored — 48% veterans vs 31% newcomers
■ 48% veterans
■ 21% 1-2yr
■ 31% new
Entry-cohort mix of 128 holders: 61 (48%) are 2+ year veterans, 27 entered 1–2 years ago, and 40 (31%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 69% AUM from top-100 funds
69% from top-100 AUM funds
43 of 126 holders are among the 100 largest funds by AUM, controlling 69% of total institutional value in HBT. 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 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.