This Q3 2025 cluster signals conviction buying from active quant funds (Citadel, Two Sigma) and asset managers (Ameriprise), not passive rebalancing. The $17.3M aggregate position vs a $318M market cap (~5.4% of market cap) is material for a micro-cap. Watch for NNDM's next 10-Q or press release for the catalyst these funds anticipated — the amplified cross-filing rule (inst-earnings + offering context) suggests this cluster may be linked to upcoming operational or capital-markets events. The 45-day reporting lag means positions may have been unwound; monitor insider filings and volume for residual conviction.
Executive Summary
In Q3 2025, six institutional investors accumulated a net $7.4M in NNDM, led by Citadel, Two Sigma, and Ameriprise Financial, while only two passive sellers trimmed trivial amounts. This is a rare bullish cluster in a micro-cap stock, suggesting a shared thesis ahead of potential catalysts.
Key Financial Metrics
Institutional Positions
Net institutional flow: $7.4M
▲ Buyers (6)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Ameriprise Financial | ADD | +67.3% | $7.5M | $2.9M |
| Morgan Stanley | ADD | +93.4% | $4.8M | $2.3M |
| Citadel | ADD | +45.4% | $3.7M | $1.1M |
| Two Sigma | DOUBLED | +1968.7% | $1.2M | $1.2M |
| Wells Fargo | ADD | +52.9% | $8.0K | $3.0K |
| BofA | ADD | +26.4% | $33.0K | $6.0K |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| UBS | TRIM | -30.3% | $2.0M | -$643.0K |
| Fidelity | TRIM | -66.7% | $10.00 | -$7.00 |
Key Facts
- 6 institutional buyers vs 2 sellers in Q3 2025
- Net institutional accumulation of $7.4M
- Citadel added 45.4% to reach $3.7M position
- Two Sigma nearly doubled its stake (+1,969% on tiny base), now $1.2M
- Ameriprise Financial added 67.3%, now $7.5M — largest active manager position
- Morgan Stanley added 93.4%, now $4.8M
- Wells Fargo added 52.9%, BofA added 26.4% (both mega-passive, smaller-dollar adds)
- UBS trimmed 30.3%, reducing by $643K; Fidelity's trim was negligible ($7)
- Cluster dominated by active managers and quants, not passive rebalancing
Financial Impact
6 institutions accumulated $7.4M in net new exposure while 2 sellers reduced holdings by $643K; total institutional holdings in cluster reached $17.3M
Risk Factors
- 13F filings have a 45-day lag — these Q3 positions may have been unwound by now
- Short positions and derivatives are not disclosed, so the signal is one-sided
- Historical T+20 alpha in this segment is slightly negative (-2.04% avg) suggesting mid-cap/small-cap clusters underperform net of costs
- Micro-cap liquidity could amplify slippage if trying to replicate the cluster
Market Snapshot
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-NNDM-2025-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 25, 2026 5w ago | 3 | $1.59 $1.58 | ▼ −0.63% | ▼ −0.85% | — |
Aug 18, 2026 6w ago | 8-K | $1.55 $1.54 | ▼ −0.65% | ▲ +0.34% | — |
Jul 21, 2026 10w ago | 8-K | $1.48 $1.53 | ▲ +3.38% | ▲ +0.48% | — |
Jul 14, 2026 11w ago | 144 | $1.50 $1.66 | ▲ +10.67% | ▲ +8.18% | — |
Jul 10, 2026 12w ago | DEFA14A | $1.50 $1.63 | ▼ −8.67% | ▼ −6.24% | — |
Jun 29, 2026 13w ago | DEFA14A | $1.45 $1.48 | ▲ +2.07% | ▲ +3.10% | — |
Jun 16, 2026 15w ago | Press Release | $1.34 $1.48 | ▲ +10.45% | ▲ +9.13% | — |
Jun 15, 2026 15w ago | 425 | $1.25 $1.48 | ▲ +18.40% | ▲ +19.15% | — |
Jun 15, 2026 15w ago | 8-K | $1.25 $1.48 | ▲ +18.40% | ▲ +19.15% | — |
Jun 15, 2026 15w ago | Press Release | $1.25 $1.48 | ▲ +18.40% | ▲ +19.15% | — |
US Market Status
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