Based on 205 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 6 quarters in a row
For 6 consecutive quarters, more hedge funds added NB 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
205 hedge funds hold NB 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 — +215% more funds vs a year ago
fund count last 6Q
+140 new funds entered over the past year (+215% 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 — 64% buying
130 buying74 selling
Last quarter: 130 funds were net buyers (52 opened a brand new position + 78 added to an existing one). Only 74 were sellers (36 trimmed + 38 sold completely). A clear majority buying is a strong confirmation signal.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 48 → 67 → 59 → 52. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔄
Mostly new holders — 52% entered in last year
■ 17% conviction (2yr+)
■ 31% medium
■ 52% new
Only 35 funds (17%) 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 +41%, value +18%
Last quarter: funds added +41% more shares while total portfolio value only changed +18%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~52 new funds/quarter
13 → 48 → 67 → 59 → 52 new funds/Q
New funds entering each quarter: 48 → 67 → 59 → 52. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 63% of holders entered in last year
■ 29% veterans
■ 8% 1-2yr
■ 63% new
Of 214 current holders: 135 (63%) entered in the past year, only 61 (29%) 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.
✅
Strong quality — 39% AUM from major funds
39% from top-100 AUM funds
41 of 203 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
6.0
out of 10
Moderate Exit Risk
Exit risk score 6.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.