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: −$13.54M (10 inflow days, 10 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 32.6% of shares outstanding.
Reported short interest has risen from 15.63% to 21.10% of float over the last 6 biweekly reports (30 Jun 2026 to 15 Sep 2026).
| Holder | Type | Period | Share change | New stake |
|---|---|---|---|---|
| Nuveen Asset Management LLC | Insurance Company | 2026/Q3 | +203,505 | 0.1% |
| OrbiMed Advisors LLC | VC/PE Fund | 2026/Q3 | +3,324,900 | 1.6% |
| Marshall Wace LLP | Hedge Fund | 2026/Q3 | +1,742,641 | 2.5% |
| BlackRock | Mutual Fund | 2026/Q3 | +1,203,313 | 4.9% |
| VR Management, LLC | VC/PE Fund | 2026/Q3 | +1,005,568 | 5.8% |
| Pictet Asset Management Limited | Mutual Fund | 2026/Q3 | +487,674 | 1.1% |
| Algert Global LLC | Hedge Fund | 2026/Q3 | +464,645 | 0.5% |
| Janus Henderson Group plc | Mutual Fund | 2026/Q3 | +421,411 | 0.2% |
| Y-Intercept (Hong Kong) Limited | Mutual Fund | 2026/Q3 | +410,609 | 0.2% |
| D. E. Shaw & Co., L.P. | Hedge Fund | 2026/Q3 | +403,116 | 1.0% |
| Geode Capital Management, LLC | Mutual Fund | 2026/Q3 | +277,653 | 1.5% |
| Vanguard Portfolio Management, LLC | Mutual Fund | 2026/Q3 | +260,361 | 0.6% |
| GuideStone Capital Management, LLC | Mutual Fund | 2026/Q3 | +209,095 | 0.1% |
| Vanguard Capital Management, LLC | Mutual Fund | 2026/Q3 | +184,891 | 3.5% |
| The Goldman Sachs Group, Inc. | Public Company | 2026/Q3 | +167,192 | 0.2% |
Institutional buy/sell activity by reporting period, largest moves first.
| Date | Insider | Title | Transaction | Shares | Price | Held after |
|---|---|---|---|---|---|---|
| 23 Sep 2026 | Braden Parker | Chief Commercial Officer | Sale to Issuer | -29,323 | $5.07 | 55,677 |
| 14 Jul 2026 | Robert Lutz | Chief Operating Officer | Other Acquisition | +35,000 | – | 135,000 |
| 14 Jul 2026 | Robert Lutz | Chief Operating Officer | Other Derivative Acquisition | +70,000 | $5.81 | 70,000 |
| 21 Jun 2026 | David Lowrance | CFO, Chief Administrative Officer & Secretary | Derivative Exercise and Sale | -580,187 | $5.68 | 436,032 |
| 17 Mar 2026 | David Lowrance | CFO, Chief Administrative Officer & Secretary | Derivative Exercise and Sale | -116,760 | $5.04 | 436,032 |
| 17 Mar 2026 | David Lowrance | CFO, Chief Administrative Officer & Secretary | Derivative Exercise and Retained | +249,987 | $4.45 | 436,032 |
| 15 Feb 2026 | Joseph S. McCracken | Lead Independent Director | Derivative Exercise and Retained | +1,807 | $1.76 | 262,644 |
| 18 Dec 2025 | David Ramsay | Independent Director | Open Market Disposition | -20,000 | $6.06 | 2,493,642 |
| 17 Dec 2025 | David Ramsay | Independent Director | Intent to Sell (Form 144) | -20,000 | $6.11 | – |
| 15 Dec 2025 | David Lowrance | CFO, Chief Administrative Officer & Secretary | Other Disposition | -32,000 | – | 186,045 |
| 15 Dec 2025 | Matthew Pauls | Chairperson & CEO | Other Disposition | -128,995 | – | 788,050 |
| 13 Dec 2025 | David Lowrance | CFO, Chief Administrative Officer & Secretary | Sale to Issuer | -62,960 | $6.92 | 186,045 |
| 13 Dec 2025 | Matthew Pauls | Chairperson & CEO | Sale to Issuer | -195,705 | $6.92 | 788,050 |
| 13 Dec 2025 | Robert Lutz | Chief Operating Officer | Sale to Issuer | -67,760 | $6.92 | 193,977 |
| 13 Dec 2025 | Anne Erickson | Chief Business Officer | Sale to Issuer | -62,960 | $6.92 | 271,712 |
| 13 Dec 2025 | Kate McCabe | General Counsel | Sale to Issuer | -39,350 | $6.92 | 519,232 |
| 9 Dec 2025 | Matthew Pauls | Chairperson & CEO | Other Disposition | -23,629 | – | 662,750 |
| 8 Dec 2025 | David Ramsay | Independent Director | Other Acquisition | +40,000 | – | 80,000 |
| 8 Dec 2025 | Joseph S. McCracken | Lead Independent Director | Other Acquisition | +40,000 | – | 80,000 |
| 8 Dec 2025 | Richard Hawkins | Independent Director | Other Acquisition | +40,000 | – | 80,000 |
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 | 43,343,616 | 21.1% | 36.3 |
| 31 Aug 2026 | 41,426,996 | 20.2% | 24.3 |
| 14 Aug 2026 | 38,505,948 | 18.7% | 27.1 |
| 31 Jul 2026 | 36,819,551 | 18.0% | 20.1 |
| 15 Jul 2026 | 34,140,223 | 16.7% | 20.8 |
| 30 Jun 2026 | 32,028,140 | 15.6% | 12.6 |
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