Based on 48 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their PEW positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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At the ownership peak (98% of max)
98% of all-time peak
48 hedge funds hold PEW right now — the highest count in 1.0 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.
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More sellers than buyers — 47% buying
21 buying24 selling
Last quarter: 24 funds reduced or exited vs 21 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.
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Fewer new buyers each quarter (-8 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 37 → 19 → 11. 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.
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Mostly new holders — 90% entered in last year
■ 0% conviction (2yr+)
■ 10% medium
■ 90% new
Only 0 funds (0%) 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.
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Saturation — most institutions already know this story
37 → 19 → 11 new funds/Q
New funds entering each quarter: 37 → 19 → 11. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
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Early stage — 100% of holders entered in last year
■ 0% veterans
■ 0% 1-2yr
■ 100% new
Of 53 current holders: 53 (100%) entered in the past year, only 0 (0%) 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.
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Elite ownership — 43% AUM from top-100 funds
43% from top-100 AUM funds
11 of 47 holders are among the 100 largest funds by AUM, controlling 43% of total institutional value in PEW. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 7.3/10 — multiple crowding signals converge. Institutional ownership is at 98% of its all-time high — near peak crowding. Selling pressure exceeds buying: only 47% of active funds buying. Crowded trades can unwind fast — a single catalyst can trigger a cascade.