The overwhelming buying by mega-passive funds suggests index rebalancing or a broad-based re-rating rather than a concentrated activist or value thesis. Monitor next 13F filing for signs of unwinding; the 45-day lag means current positioning may differ materially from this snapshot.
Executive Summary
A massive institutional cluster in DAVE shows 51 buyers adding $400.1M in net new positions versus 18 sellers trimming $53.7M, overwhelmingly dominated by mega-passive funds (JPMorgan, Fidelity, Goldman Sachs, UBS) doubling or adding positions. The net $346.4M inflow into the stock suggests a broad re-rating or index-driven accumulation, though the 45-day reporting lag means the cluster may have already been unwound.
Key Financial Metrics
Institutional Positions
Net institutional flow: $346.4M
▲ Buyers (51)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| JPMorgan | DOUBLED | +839.4% | $51.1M | $48.6M |
| Fidelity | DOUBLED | +107.7% | $178.7M | $138.5M |
| Goldman Sachs | ADD | +61.3% | $89.2M | $63.4M |
| UBS | DOUBLED | +111.7% | $36.6M | $28.5M |
| Vanguard Portfolio Management | ADD | +74.5% | $87.4M | $64.0M |
▼ Sellers (18)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Susquehanna International Group | NEAR_EXIT | -99.4% | $56.0M | -$55.4M |
| D.E. Shaw | TRIM | -48.9% | $16.8M | $1.6M |
| Group One Trading | NEAR_EXIT | -91.9% | $9.8M | -$8.1M |
Key Facts
- 51 institutional buyers added $400.1M in net new positions; 18 sellers reduced by $53.7M
- Fidelity doubled its stake to $178.7M (largest buyer by value)
- JPMorgan increased holdings by 839.4% to $51.1M
- Goldman Sachs added $63.4M to reach $89.2M
- Susquehanna International Group nearly exited, selling $55.4M (99.4% of position)
- D.E. Shaw trimmed 48.9% of its stake
- Cluster dominated by mega-passive funds (JPMorgan, Fidelity, Goldman, UBS, BofA, Morgan Stanley)
Financial Impact
51 institutions accumulated $400.1M in new positions while 18 reduced holdings by $53.7M, resulting in net institutional inflow of approximately $346.4M
Risk Factors
- 13F data is 45+ days stale; the cluster may have already been unwound
- Cluster dominated by passive/index funds, which carry weaker signal than active managers
- Susquehanna's near-exit ($55.4M sold) and D.E. Shaw's trim suggest some sophisticated investors disagree with the buying thesis
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-DAVE-2026-Q2 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 12, 2026 15d ago | Institutional Cluster | $361.09 $359.46 | ▼ −0.45% | ▲ +1.04% | — |
Jul 22, 2026 13w ago | Press Release | $408.59 $377.64 | ▼ −7.57% | ▼ −8.05% | — |
Jun 11, 2026 19w ago | Institutional Cluster | $285.43 $285.84 | ▲ +0.14% | ▼ −0.29% | — |
Jun 8, 2026 20w ago | Insider Cluster | $278.71 $308.75 | ▲ +10.78% | ▲ +8.37% | — |
Jun 8, 2026 20w ago | Insider Cluster | $278.71 $308.75 | ▲ +10.78% | ▲ +8.37% | — |
May 28, 2026 21w ago | Press Release | $282.56 $258.25 | ▼ −8.60% | ▼ −6.08% | — |
Apr 23, 2026 26w ago | Press Release | $274.35 $257.27 | ▼ −6.23% | ▼ −7.70% | — |
Mar 6, 2026 33w ago | 8-K | $217.33 $212.02 | ▲ +2.44% | ▲ +0.91% | — |
Mar 5, 2026 33w ago | Press Release | $218.21 $212.85 | ▼ −2.46% | ▼ −0.22% | — |
Mar 3, 2026 33w ago | Press Release | $210.67 $223.31 | ▲ +6.00% | ▲ +7.33% | — |
US Market Status
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