I pulled the entire .csv from fintel.io at around 5:15pm CST today. Here is the chatgpt summary and analysis (unedited) of the data from the file...

Executive summary

From the equity 13F file:

Metric	Result
Total institutions/rows	232
Adders / new positions	127
Reducers / exits	66
No change	39
Current institutional shares	51.89M
Prior institutional shares	34.26M
Net share increase	+17.63M
Gross shares added	+23.97M
Gross shares reduced	-6.34M
Current market value	~$229.6M
Institutional ownership vs. 176M fully diluted	~29.5%

The headline is clear: institutional ownership increased materially during the Jan. 1–Mar. 31 reporting period. The net increase was roughly 17.6M shares, equal to about 10.0% of the fully diluted share count.

The biggest adders

Institution	Current shares	Change
Citadel Advisors	6.20M	+6.00M
Brevan Howard	6.49M	+3.92M
Alyeska	4.31M	+2.71M
Goldman Sachs	3.29M	+2.37M
Citigroup	1.14M	+1.12M
Vanguard Portfolio Management	1.01M	+1.01M
BlackRock	7.02M	+636K
Squarepoint	563K	+563K
Jump Financial	370K	+308K
State Street	2.07M	+300K
HITE Hedge	903K	+268K
Alps Advisors	584K	+258K
Geode	1.56M	+250K
Bridgewater	883K	+237K
Point72	506K	+235K

The most important point: this is not just tiny RIAs adding a few hundred shares. The largest net adds came from multi-strat / hedge / quant / broker-dealer-style institutions.

The biggest reducers

Institution	Current shares	Change
Millennium	207K	-985K
Dayah Capital	0	-840K
Counterpoint Mutual Funds	0	-610K
Soviero	0	-380K
Balyasny	92K	-352K
Foursixthree	0	-352K
Gilder Gagnon Howe	0	-345K
Jane Street	392K	-329K
Morgan Stanley	442K	-324K
Deltroit Asset Mgmt	868K	-203K
Arosa	0	-200K
Nuveen	723K	-156K

There were meaningful reductions, especially from Millennium, Morgan Stanley, Jane Street, Balyasny, and several full exits. But the gross adds overwhelmed the gross reductions.

Ownership by style

Approximate classification:

Style	Rows	Current shares	Net change	Market value
Hedge / quant / market-maker / tactical	35	23.57M	+11.75M	~$104.0M
Passive / index / ETF / large asset manager	17	14.23M	+2.98M	~$63.4M
Bank / broker-dealer / intermediary	18	6.81M	+3.49M	~$30.4M
RIA / wealth / private-client	133	6.12M	-0.92M	~$25.7M
Other / unclear	23	0.99M	+0.27M	~$4.5M
Insurance / pension / long-only	6	0.17M	+0.06M	~$1.6M

This is the key read:

The institutional increase is being driven primarily by tactical capital, quant/hedge funds, market-making-adjacent firms, and large financial intermediaries — not by slow-moving traditional long-only institutions.

That does not mean all of the buying is fundamental conviction. It means NB has become a more institutionally relevant liquidity / volatility / catalyst vehicle.

Float analysis

Using the 176M fully diluted share count:

• Institutions now report ~51.9M shares
• That equals ~29.5% of fully diluted shares
• The net increase this period was ~17.6M shares
• That net increase alone equals ~10.0% of fully diluted shares

That is large enough to matter mechanically.

But I would not treat all 51.9M as “locked-up float.” A lot of this ownership is held by firms that trade actively: Citadel, Brevan Howard, Alyeska, Goldman, Citigroup, Squarepoint, Jump, Point72, Susquehanna, etc.

So the float read is:

Reported institutional ownership is now large, but a meaningful portion is tactical and potentially mobile. It can tighten float during accumulation, but it can also become a source of supply during volatility or catalyst disappointment.

Avg. share price paid

The file’s weighted average “avg share price paid” across current institutional holdings is roughly:

• Weighted by current shares: ~$5.20
• Weighted by added shares: ~$5.51
• Simple median across holders: ~$5.73

Important caveat: this should not be read as exact execution price. It is best interpreted as an estimated cost basis / average-price proxy based on reported holdings and Fintel’s methodology. 13Fs do not show exact trade dates or exact purchase prices.

The practical read:

• A lot of current institutional exposure appears centered roughly in the mid-$5s.
• That means the current trading area is very close to the estimated cost basis of many recent/additional institutional holders.
• If NB holds this zone, those holders are not deeply underwater.
• If NB breaks materially below the low/mid-$5s, some recent tactical holders may become more sensitive.

Derivatives 13F file

Derivative exposure is smaller than equity exposure but still meaningful.

Type	Current underlying-equivalent shares	Net change
Calls	2.35M	-822.9K
Puts	760K	-359K

Largest derivative items:

Institution	Type	Current exposure	Change
Susquehanna	Calls	1.37M	-871K
J. Goldman & Co	Calls	409K	+409K
Citadel	Calls	321K	+15.7K
Citadel	Puts	342K	+20.9K
Jane Street	Puts	70K	+26.5K
Jane Street	Calls	36K	+10.9K
Peak6	Calls	50K	-81.9K
Balyasny	Calls	0	-100K
Brevan Howard	Calls	0	-210K

The derivative read is mixed:

• Call exposure declined overall, mainly because Susquehanna, Brevan Howard, Balyasny, and Peak6 reduced calls.
• Put exposure also declined overall, despite some adds by Citadel and Jane Street.
• This does not scream “institutions massively loaded upside calls” during Q1.
• Instead, it looks like derivative books were repositioned or de-risked, while equity ownership expanded strongly.

That distinction matters.

My read

The equity 13Fs are bullish for institutional engagement and float absorption, but not cleanly bullish in the “long-only conviction accumulation” sense.

The best interpretation is:

NB became a much more institutionally active stock during Q1. Large tactical funds, quant desks, banks, and market-making-adjacent firms increased equity exposure materially, while derivatives exposure was more mixed and in some cases reduced.

For your trading thesis, that implies:

• the float is more institutionally held than before,
• the stock is more sensitive to catalyst repricing,
• liquidity can disappear quickly in either direction,
• the mid-$5s are probably an important cost-basis / positioning zone,
• and the name is increasingly being treated as a catalyst-volatility instrument, not just a dormant mining story.