Based on 12 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added NA 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 26% of 3.0Y high
26% of all-time peak
Only 12 funds hold NA today versus a peak of 47 funds at 2000 Q2 — just 26% 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.
📶
Steady growth — +9% more funds vs a year ago
fund count last 6Q
+1 new funds entered over the past year (+9% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 67% buying
8 buying4 selling
Last quarter: 8 funds were net buyers (5 opened a brand new position + 3 added to an existing one). Only 4 were sellers (1 trimmed + 3 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~5 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 5 → 1 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 50% entered in last year
■ 8% conviction (2yr+)
■ 42% medium
■ 50% new
Only 1 funds (8%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
💎
Buying through price weakness — shares -7%, value -42%
Last quarter: funds added -7% more shares while total portfolio value only changed -42%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
9 → 4 → 5 → 1 → 5 new funds/Q
New funds entering each quarter: 4 → 5 → 1 → 5. NA is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🌱
Early stage — 77% of holders entered in last year
■ 8% veterans
■ 15% 1-2yr
■ 77% new
Of 13 current holders: 10 (77%) entered in the past year, only 1 (8%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
📋
Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
5 of 11 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.