Understanding Institutional OwnershipA couple of notes about PYR's institutional ownership, as listed on Fintel at
https://fintel.io/so/ca/pyr The list of 20 institutional investors is not as straightforward as it appears. The correct number is more likely 16. To explain:
1/ There is a difference between institutions (funds, investment banks, etc.) that own shares as an investment, and those that own shares to facilitate market making.
Market makers -- also called, "liquidity providers" -- are brokerage houses that provide trading services to keep financial markets liquid, generally by reducing the spread between buy and sell prices, and making sure trades can be provided at all times. Their job, essentially, is to offer shares for buy and sale at all times. They are not allowed to just buy and hold, then sell when a high price is gained; they are mandated to both buy and sell to keep the market moving. They make money on this, generally on their spread between their buy and sell, but they are not considered major investors in a stock as they are there to fulfill a technical purpose that is mandated by every exchange.
As a result, institutions that are market makers can be removed from the list of 20 as they are constantly selling off all their shares vs keeping them out of circulation for any length of time.
2/ On Nasdaq, in PYR's Nasdaq category (the "Nasdaq Capital Market", or what used to be called the "small cap market" tier), a total of three (3) market makers are required for listing.
Source:
https://listingcenter.nasdaq.com/assets/initialguide.pdf 3/ As noted, some of the list of PYR's institutional investors are only market makers, so are not true long hold institutional investors, as they are buying and selling PYR stock all day every day, while some others offer both market making and general institutional investing as a brokerage (Goldman Sachs and Morgan Stanley, are the prime example of a company offering both).
Based on the list, the pure market makers are:
Virtu Financial
source:
https://www.virtu.com/about/ source 2: PYR has used Virtu in the past, as they are listed on the old TMX listing as PYR's market maker
https://www.tsx.com/news/new-company-listings?id=1202 Jane Street Group
source:
https://www.janestreet.com/what-we-do/ Also based on the list, the third market maker is likely either Morgan Stanley or Goldman Sachs, so one of those can be removed from the list of 20.
While Citadel is listed, and is one of the world's largest market makers, it's Citadel Advisors (a hedge fund) that is listed, not Citadel Securities, which is the market maker.
Also, while Citadel Advisors is a renowned short seller, PYR is not currently among their listings of short postions. Source:
https://whalewisdom.com/short_position/holder/citadel-advisors-llc So subtracting the 3 market makers reduces the list from 20 to 17.
4/ One of the companies listed as a PYR institutional owner is Proequities Inc. But they have closed their position, now owning zero shares, so are no longer an owner and can thus be subtraced.
Source: "Proequities, Inc. closes position in PYR / Pyrogenesis Canada Inc"
https://fintel.io/so/ca/pyr/proequities
5/ The ARK and AKR PRNT are a redundant overlap; ARK does not currently own that many shares nor do they hold PYR in multiple funds,
directly (note: ARK innovation holds the entire 3D PRNT ETF in its fund, so in a way PYR is held indirectly in that fund, but not as additional shares).
The PRNT ETF has to show based on N-Port filings (the declaration of the fund within a larger entity), while the ARK Investment Management LLC mother ship has to declare all overall holdings only quarterly.
For further evidence:
- the 116.500 shares filed by the PRNT entity as an NP filing equates to the exact amount of PYR shares held on Jan 31, the end of ARK mothership's fiscal Q2 (they have a fiscal year end of July 31) and it was the end of the first month PRNT held PYR (N-Port is a monthly filing, and was used likey because PYR was bought early in the quarter far before the ARK mothership had to file its quarterly holdings).
- The 211,000 shares filed by the mother ship under 13F equates to the exact amount of PYR shares held on March 31, the end of PRNT's reporting quarter.
- Moving forward, they may or may not show any additional N-port filings, likely just the quarterly from the mother ship.
- either way, it's a redunacy due to filing overlap.
6/ Keep in mind that 13F filings are for the quarter and are only filed 4 times per year. This means that:
- The ARK listed shares held was reduced on rebalacing after the quarter, is not up to date; the actual current ARK PYR share total is about 129,000.
- The Fintel listed institutional holdings of 716,921 shares are both over-stated by 200,000 (with regard to ARK), and likely understated with regard to the other institutional holders, who may have increased their positions since then.
So with this ARK redundancy, the list is reduced from17 to 16.
RealistDontalkm wrote: yes!! Btw, my guess is they sold some of their shares in PRNT to accomulate PYR shares in their core investing etf...
Stubbyinsider wrote: So ARK owns PYR in 2 funds? Am I reading that correctly?