Based on 237 hedge funds · latest filing: 2025 Q3 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their VRNA 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 — 84% of 3.0Y peak
84% of all-time peak
237 funds currently hold this stock — 84% of the 3.0-year high of 282 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀
Fast accumulation — +60% more funds vs a year ago
fund count last 6Q
+89 new funds entered over the past year (+60% 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 sellers than buyers — 41% buying
144 buying210 selling
Last quarter: 210 funds reduced or exited vs 144 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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More new buyers each quarter (+24 vs last Q)
new funds entering per quarter
Funds opening a new VRNA position: 53 → 79 → 64 → 88. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
💰
Price up while funds trimmed (+226% value, -3% shares)
Last quarter: total value of institutional VRNA holdings rose +226% even though funds reduced share count by 3%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
📈
Growing discovery — still being found
46 → 53 → 79 → 64 → 88 new funds/Q
New funds entering each quarter: 53 → 79 → 64 → 88. A growing number of institutions are discovering VRNA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.