Based on 468 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds added THRO 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
468 hedge funds hold THRO 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.
🚀
Fast accumulation — +290% more funds vs a year ago
fund count last 6Q
+348 new funds entered over the past year (+290% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 80% buying
391 buying96 selling
Last quarter: 391 funds were net buyers (74 opened a brand new position + 317 added to an existing one). Only 96 were sellers (56 trimmed + 40 sold completely). A clear majority buying is a strong confirmation signal.
⚠️
Fewer new buyers each quarter (-32 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 210 → 66 → 106 → 74. 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.
🔄
Mostly new holders — 43% entered in last year
■ 1% conviction (2yr+)
■ 56% medium
■ 43% new
Only 6 funds (1%) 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.
📊
Peak discovery — momentum slowing
114 → 210 → 66 → 106 → 74 new funds/Q
New funds entering each quarter: 210 → 66 → 106 → 74. THRO is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🌱
Early stage — 98% of holders entered in last year
■ 2% veterans
■ 0% 1-2yr
■ 98% new
Of 468 current holders: 459 (98%) entered in the past year, only 8 (2%) 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.
🏆
Elite ownership — 52% AUM from top-100 funds
52% from top-100 AUM funds
19 of 468 holders are among the 100 largest funds by AUM, controlling 52% of total institutional value in THRO. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
5.4
out of 10
Moderate Exit Risk
Exit risk score 5.4/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.