Based on 57 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 PTA positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (98% of max)
98% of all-time peak
57 hedge funds hold PTA 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.
📶
Steady growth — +12% more funds vs a year ago
fund count last 6Q
+6 new funds entered over the past year (+12% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 52% buying
31 buying29 selling
Last quarter: 31 funds bought or added vs 29 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
⚠️
Fewer new buyers each quarter (-8 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 11 → 7 → 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.
🔒
42% of holders stayed for 2+ years
■ 42% conviction (2yr+)
■ 28% medium
■ 30% new
24 out of 57 hedge funds have held PTA 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.
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Growing discovery — still being found
11 → 11 → 7 → 19 → 11 new funds/Q
New funds entering each quarter: 11 → 7 → 19 → 11. A growing number of institutions are discovering PTA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 47% veterans vs 37% newcomers
■ 47% veterans
■ 16% 1-2yr
■ 37% new
Entry-cohort mix of 57 holders: 27 (47%) are 2+ year veterans, 9 entered 1–2 years ago, and 21 (37%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 85% AUM from top-100 funds
85% from top-100 AUM funds
10 of 57 holders are among the 100 largest funds by AUM, controlling 85% of total institutional value in PTA. 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 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.