Based on 108 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds reduced or closed their NNDM positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 75% of 3.0Y peak
75% of all-time peak
108 funds currently hold this stock — 75% of the 3.0-year high of 144 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 22% fewer funds vs a year ago
fund count last 6Q
30 fewer hedge funds hold NNDM compared to a year ago (-22% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 42% buying
39 buying54 selling
Last quarter: 54 funds reduced or exited vs 39 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️
Fewer new buyers each quarter (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 21 → 14 → 22 → 16. 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.
🔒
57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 25% medium
■ 18% new
62 out of 108 hedge funds have held NNDM 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.
➡️
Steady discovery — ~16 new funds/quarter
31 → 21 → 14 → 22 → 16 new funds/Q
New funds entering each quarter: 21 → 14 → 22 → 16. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 65% veterans vs 21% newcomers
■ 65% veterans
■ 14% 1-2yr
■ 21% new
Entry-cohort mix of 114 holders: 74 (65%) are 2+ year veterans, 16 entered 1–2 years ago, and 24 (21%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 38% AUM from major funds
38% from top-100 AUM funds
19 of 106 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.