Based on 47 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 7 quarters in a row
For 7 consecutive quarters, more hedge funds reduced or closed their PETS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 33% of 3.0Y high
33% of all-time peak
Only 47 funds hold PETS today versus a peak of 144 funds at 2023 Q2 — just 33% 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.
📉
Outflows — 36% fewer funds vs a year ago
fund count last 6Q
26 fewer hedge funds hold PETS compared to a year ago (-36% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 38% buying
17 buying28 selling
Last quarter: 28 funds sold vs only 17 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 7 → 6 → 10 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
66% of holders stayed for 2+ years
■ 66% conviction (2yr+)
■ 17% medium
■ 17% new
31 out of 47 hedge funds have held PETS 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.
💎
Buying through price weakness — shares -16%, value -40%
Last quarter: funds added -16% more shares while total portfolio value only changed -40%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~6 new funds/quarter
8 → 7 → 6 → 10 → 6 new funds/Q
New funds entering each quarter: 7 → 6 → 10 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 73% veterans vs 19% newcomers
■ 73% veterans
■ 8% 1-2yr
■ 19% new
Entry-cohort mix of 48 holders: 35 (73%) are 2+ year veterans, 4 entered 1–2 years ago, and 9 (19%) 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
17 of 46 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 1.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.