Who holds it, who is betting against it, and where the big money is moving
Net of large-order buying minus selling, in USD. Over this window: −$6.11M (1 inflow days, 19 outflow days).
Super/Big orders approximate institutional-size trades; Mid/Small approximate retail-size trades. Net buy minus sell value in each bucket, summed over the window.
The five largest holders on file together own 54.2% of shares outstanding.
Reported short interest has risen from 5.46% to 5.75% of float over the last 6 biweekly reports (30 Jun 2026 to 15 Sep 2026).
| Holder | Type | Period | Share change | New stake |
|---|---|---|---|---|
| First Trust Advisors L.P. | Mutual Fund | 2026/Q3 | +135,632 | 0.3% |
| Divisadero Street Capital Management, LP | Hedge Fund | 2026/Q3 | +2,109,000 | 5.9% |
| EVR Research LP | Hedge Fund | 2026/Q3 | +440,000 | 0.8% |
| Citadel Advisors LLC | Hedge Fund | 2026/Q3 | +360,373 | 1.1% |
| Jane Street Group, LLC | Private Company | 2026/Q3 | +268,617 | 1.0% |
| Two Sigma Investments, LP | Hedge Fund | 2026/Q3 | +234,191 | 0.8% |
| Jacobs Levy Equity Management Inc | Mutual Fund | 2026/Q3 | +221,178 | 1.8% |
| D. E. Shaw & Co., L.P. | Hedge Fund | 2026/Q3 | +193,868 | 1.0% |
| BNP Paribas Financial Markets SNC | Private Company | 2026/Q3 | +152,998 | 0.4% |
| Morgan Stanley | Public Company | 2026/Q3 | +128,741 | 1.3% |
| Stifel Asset Management Corp. | Mutual Fund | 2026/Q3 | +126,175 | 0.2% |
| Clearline Capital LP | Hedge Fund | 2026/Q3 | +123,220 | 5.1% |
| Acadian Asset Management LLC | Mutual Fund | 2026/Q3 | +109,896 | 1.8% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | Private Company | 2026/Q3 | +98,657 | 0.2% |
| J.P. Morgan Asset Management, Inc. | Mutual Fund | 2026/Q3 | +95,433 | 3.1% |
Institutional buy/sell activity by reporting period, largest moves first.
| Date | Insider | Title | Transaction | Shares | Price | Held after |
|---|---|---|---|---|---|---|
| 30 Sep 2026 | Tigran Sinanyan | Former Chief Financial Officer | Sale to Issuer | -1,088 | $9.57 | 2,836 |
| 30 Sep 2026 | Tigran Sinanyan | Former Chief Financial Officer | Other Acquisition | +24,250 | – | 251,945 |
| 30 Sep 2026 | Tigran Sinanyan | Former Chief Financial Officer | Initial Statement of Beneficial | +0 | – | 230,726 |
| 24 Sep 2026 | Amy Yeh | Senior Vice President of Technology | Automatic Disposition | -3,000 | $9.40 | 382,554 |
| 21 Sep 2026 | Eugene Nonko | Co-Founder & CTO | Automatic Disposition | -15,468 | $10.79 | 1,124,759 |
| 15 Sep 2026 | Eugene Nonko | Co-Founder & CTO | Automatic Disposition | -28,871 | $12.03 | 1,140,227 |
| 14 Sep 2026 | Keith Cramer | Senior Vice President of Supply Partnerships | Automatic Disposition | -13,000 | $11.49 | 251,303 |
| 9 Sep 2026 | Eugene Nonko | Co-Founder & CTO | Automatic Disposition | -21,819 | $11.70 | 1,169,098 |
| 9 Sep 2026 | Eugene Nonko | Co-Founder & CTO | Open Market Disposition | -5,820 | $11.70 | 1,169,098 |
| 3 Sep 2026 | Amy Yeh | Senior Vice President of Technology | Automatic Disposition | -3,000 | $12.00 | 385,554 |
| 1 Sep 2026 | Eugene Nonko | Co-Founder & CTO | Automatic Disposition | -31,335 | $12.61 | 1,196,737 |
| 31 Aug 2026 | Steven Yi | Chief Executive Officer | Open Market Disposition | -48,000 | $12.38 | 1,412,122 |
| 25 Aug 2026 | Eugene Nonko | Co-Founder & CTO | Automatic Disposition | -33,419 | $12.99 | 1,228,072 |
| 18 Aug 2026 | Eugene Nonko | Co-Founder & CTO | Automatic Disposition | -34,461 | $13.23 | 1,261,491 |
| 16 Aug 2026 | Keith Cramer | Senior Vice President of Supply Partnerships | Automatic Disposition | -3,225 | $12.76 | 264,303 |
| 16 Aug 2026 | Keith Cramer | Senior Vice President of Supply Partnerships | Derivative Exercise and Sale | -9,775 | $12.76 | 264,303 |
| 14 Aug 2026 | Jeffrey Coyne | General Counsel | Sale to Issuer | -14,182 | $13.17 | 240,776 |
| 14 Aug 2026 | Amy Yeh | Senior Vice President of Technology | Derivative Exercise and Retained | +10,106 | – | 388,554 |
| 14 Aug 2026 | Patrick Thompson | Chief Financial Officer | Sale to Issuer | -24,209 | $13.17 | 552,671 |
| 13 Aug 2026 | Amy Yeh | Senior Vice President of Technology | Automatic Disposition | -12,000 | $13.55 | 388,554 |
From Form 4/Form 144 filings. Negative share counts are disposals (sales, gifts, or shares withheld for taxes); positive are acquisitions.
| Report date | Shares short | % of float | Days to cover |
|---|---|---|---|
| 15 Sep 2026 | 3,047,075 | 5.8% | 4.9 |
| 31 Aug 2026 | 3,153,546 | 6.0% | 5.4 |
| 14 Aug 2026 | 2,866,591 | 5.4% | 3.9 |
| 31 Jul 2026 | 2,848,781 | 5.4% | 2.4 |
| 15 Jul 2026 | 2,714,948 | 5.0% | 2.7 |
| 30 Jun 2026 | 2,950,610 | 5.5% | 3.6 |
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