Based on 9 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added INDP 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.
🔻
Below peak — only 43% of 3.0Y high
43% of all-time peak
Only 9 funds hold INDP today versus a peak of 21 funds at 2024 Q2 — just 43% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
🚀
Fast accumulation — +80% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+80% 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
8 buying3 selling
Last quarter: 8 funds were net buyers (6 opened a brand new position + 2 added to an existing one). Only 3 were sellers (0 trimmed + 3 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 1 → 4 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 33% long-term, 56% new
■ 33% conviction (2yr+)
■ 11% medium
■ 56% new
Of the 9 current holders: 3 (33%) held >2 years, 1 held 1–2 years, and 5 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 +798% but shares only +445% — price-driven
Last quarter: the total dollar value of institutional holdings rose +798%, but actual share count only changed +445%. 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.
➡️
Steady discovery — ~6 new funds/quarter
1 → 3 → 1 → 4 → 6 new funds/Q
New funds entering each quarter: 3 → 1 → 4 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 44% veterans vs 44% newcomers
■ 44% veterans
■ 11% 1-2yr
■ 44% new
Entry-cohort mix of 9 holders: 4 (44%) are 2+ year veterans, 1 entered 1–2 years ago, and 4 (44%) 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
4 of 9 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.
Exit risk score 2.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.