Based on 210 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their PNOV 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 — 94% of 3.0Y peak
94% of all-time peak
210 funds currently hold this stock — 94% of the 3.0-year high of 223 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +20% more funds vs a year ago
fund count last 6Q
+35 new funds entered over the past year (+20% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🔴
Heavy selling pressure — only 27% buying
46 buying122 selling
Last quarter: 122 funds sold vs only 46 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-45 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 16 → 9 → 61 → 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.
🔒
51% of holders stayed for 2+ years
■ 51% conviction (2yr+)
■ 23% medium
■ 25% new
108 out of 210 hedge funds have held PNOV 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.
🚀
Acceleration phase — new buyers rushing in
18 → 16 → 9 → 61 → 16 new funds/Q
New funds entering each quarter: 16 → 9 → 61 → 16. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️
Veteran-anchored — 54% veterans vs 30% newcomers
■ 54% veterans
■ 16% 1-2yr
■ 30% new
Entry-cohort mix of 210 holders: 114 (54%) are 2+ year veterans, 34 entered 1–2 years ago, and 62 (30%) 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
10 of 209 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.
4.9
out of 10
Moderate Exit Risk
Exit risk score 4.9/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.