Based on 52 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added PTBD than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
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High ownership — 87% of 3.0Y peak
87% of all-time peak
52 funds currently hold this stock — 87% of the 3.0-year high of 60 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 — 4% fewer funds vs a year ago
fund count last 6Q
2 fewer hedge funds hold PTBD compared to a year ago (-4% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More sellers than buyers — 40% buying
20 buying30 selling
Last quarter: 30 funds reduced or exited vs 20 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.
➡️
Steady new buyers — ~8 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 6 → 6 → 8 → 8. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 21% medium
■ 19% new
31 out of 52 hedge funds have held PTBD 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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Steady discovery — ~8 new funds/quarter
5 → 6 → 6 → 8 → 8 new funds/Q
New funds entering each quarter: 6 → 6 → 8 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 63% veterans vs 21% newcomers
■ 63% veterans
■ 15% 1-2yr
■ 21% new
Entry-cohort mix of 52 holders: 33 (63%) are 2+ year veterans, 8 entered 1–2 years ago, and 11 (21%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 23% AUM from major funds
23% from top-100 AUM funds
8 of 52 holders rank in the top 100 by AUM, accounting for 23% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.