Exploring Xometry, Inc. (XMTR) Investor Profile: Who’s Buying and Why?

You're looking at Xometry, Inc. (XMTR) and wondering why the smart money is moving, especially after the stock price jumped from $30.95 in November 2024 to $65.66 per share by November 2025. The simple answer is that institutional conviction is incredibly high, with total institutional ownership sitting above 100% of the float, representing a collective holding of over 61 million shares by 422 firms. When you see giants like Vanguard Group Inc. and BlackRock, Inc. holding millions of shares-BlackRock alone owns over 3.4 million shares-it tells you the market believes in the AI-powered manufacturing marketplace model, not just the growth story. This belief is grounded in the numbers: Xometry raised its full-year 2025 revenue guidance to a range of $676 million to $678 million, with Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) expected to hit $16 million to $17 million for the year, a clear sign of improving operational leverage. But the investor profile isn't a monolith; for every firm like T. Rowe Price Group, Inc. that added over 916,000 shares in Q3 2025, you have others like Brown Capital Management Llc selling over 1.3 million shares. So, who are the key buyers, and what specific growth drivers-like the 31% year-over-year marketplace revenue acceleration in Q3 2025-are they betting on to justify a $3.09 billion market cap?

Who Invests in Xometry, Inc. (XMTR) and Why?

If you're looking at Xometry, Inc. (XMTR), the first thing you need to know is that this is overwhelmingly an institutional play. The investor base is dominated by big money, so its stock movements are less about retail sentiment and more about how the largest funds view the future of digital manufacturing.

As of late 2025, institutional investors-the mutual funds, pension funds, and hedge funds-own a staggering 97.31% of the company's stock. That leaves retail investors, along with public companies, holding about 7.42% of the total shares outstanding, which is roughly 3.80 million shares.

This is a big-league stock, defintely not a retail playground.

Key Investor Types: The Institutional Giants

The sheer concentration of ownership tells you this stock is a core holding for many growth-focused funds. When you look at the top holders, you see names like Primecap Management Company, The Vanguard Group, Inc., and BlackRock, Inc.. These are not quick-money traders; they are long-term asset managers who have done deep diligence on Xometry's AI-powered marketplace model.

Here's a quick snapshot of the top institutional holders and their positions as of the Q3 2025 reporting period:

But it's not all passive indexing. In Q3 2025, we saw 143 institutional investors add to their positions, while 116 decreased theirs. This high churn signals active management and a debate over valuation, even among the pros.

Investment Motivations: Betting on the AI-Powered Growth Story

The motivation for holding Xometry, Inc. is simple: growth in a massive, under-digitized market. The custom manufacturing sector is a $2 trillion market, and Xometry's artificial intelligence (AI) platform is a clear leader in digitizing it. Investors are buying the vision laid out in their Mission Statement, Vision, & Core Values of Xometry, Inc. (XMTR).

The 2025 fiscal year numbers strongly reinforce this growth thesis:

• Revenue Growth: Management raised the full-year 2025 revenue guidance to a range of $676-$678 million.
• Marketplace Acceleration: Marketplace revenue growth accelerated to 31% year-over-year in Q3 2025.
• Path to Profitability: The company raised its full-year 2025 Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization-a measure of operating performance) guidance to a profit of $16-$17 million. Analysts are forecasting positive earnings per share (EPS) of $0.36 for the full year 2025.

Investors are willing to overlook the negative net margin of 9.80% reported in Q3 2025 because the Adjusted EBITDA is positive and growing, showing operating leverage is kicking in. They are essentially buying future earnings at a premium, a classic growth stock strategy.

Investment Strategies: Growth vs. Active Rebalancing

You see two primary strategies at play here. First, the core holding strategy is exemplified by the index funds and large mutual funds. They are long-term holders, betting that the company will continue its six-year streak on the Deloitte Technology Fast 500 list and eventually dominate the custom manufacturing supply chain.

Second, there is the active management strategy, mostly seen among hedge funds. These players are actively trading around the company's earnings beats and guidance raises. For example, in Q3 2025, T. Rowe Price Associates Inc. added a massive 916,216 shares, an increase of over 1890%, while Brown Capital Management LLC removed 1,331,911 shares. This indicates a sharp divergence in short-term conviction, even though the long-term growth story is intact.

The consensus analyst rating is a 'Buy,' with a median price target of $60.0 as of November 2025. This suggests that for most professionals, the stock is a long-term growth conviction play, with short-term active traders looking to capitalize on volatility around earnings reports. Your action should be to align your holding period with your conviction on the AI-marketplace's long-term market capture.

Institutional Ownership and Major Shareholders of Xometry, Inc. (XMTR)

If you're looking at Xometry, Inc. (XMTR), the first thing you need to know is that this stock is overwhelmingly controlled by professional money managers. Institutional ownership-meaning mutual funds, pension funds, and asset managers like BlackRock-sits at a substantial figure, ranging from 86.48% to over 101% of the company's float, depending on how you calculate it. That's a massive vote of confidence, but it also means the stock's direction is dictated by a few hundred big players, not retail investors.

As a seasoned analyst, I see this high institutional stake, involving 422 institutional owners, as a strong validation of Xometry's AI-powered manufacturing marketplace model. These firms aren't just taking a flyer; they're committing significant capital because they believe in the long-term shift toward digital, on-demand manufacturing. It tells you the smart money views this as a core technology play, not just an industrial one.

Top Institutional Investors and Their Conviction

The shareholder roster for Xometry, Inc. is a who's who of major institutional players, which is typical for a high-growth tech company. As of the end of Q3 2025 (September 30, 2025), the top holders represent significant capital commitments. These aren't passive index funds alone; they include active growth managers.

Here's a snapshot of the largest institutional holders and their positions, reflecting the latest 2025 fiscal year data available:

The sheer size of these holdings-with Primecap Management Company holding over 6.1 million shares-shows a high conviction in the company's future. BlackRock, Inc.'s stake of over 3.4 million shares is a clear signal that the company is a fixture in major institutional growth portfolios. You defintely want to track what these top five are doing, as their moves swing the stock.

Recent Shifts: Who's Buying and Who's Trimming

The third quarter of 2025 saw significant churn in Xometry, Inc.'s institutional ownership, which is typical for a mid-cap growth stock after a period of strong performance. This isn't a sign of panic; it's portfolio rebalancing and active management at work.

We saw 143 institutional investors add shares in Q3 2025, while 116 decreased their positions. This shows a healthy two-sided market, but the big moves are what matter most:

• Major Accumulation: PRICE T ROWE ASSOCIATES INC /MD/ was a massive buyer, adding a staggering 916,216 shares in Q3 2025, an increase of over 1,890% to their position. This kind of jump suggests a fundamental shift in their internal rating of the stock.
• Significant Trimming: Conversely, BROWN CAPITAL MANAGEMENT LLC removed a substantial chunk, cutting their position by 1,331,911 shares (a -45.2% change). NEW YORK STATE COMMON RETIREMENT FUND also made a deep cut, removing 876,925 shares (a -92.2% change).

The quick math here is that while some funds are taking profits after the stock's impressive 112.15% price increase from November 2024 to November 2025, others are initiating or significantly scaling up positions, indicating a continued, albeit contested, bullish outlook. The funds adding shares are betting on the company's path to profitability, especially after Xometry reported a record Q3 2025 revenue of $181 million and positive Adjusted EBITDA of $6.1 million.

The Role of Institutional Investors in XMTR's Strategy

These large investors play a crucial, two-fold role in Xometry, Inc.'s stock and strategy. First, their high ownership provides a floor of stability and liquidity. When a stock is highly held by institutions, it validates the business model for other potential investors and reduces the impact of small-scale retail trading volatility.

Second, and more importantly, institutional investors are the primary audience for the company's strategic narrative. They demand clear execution on the path to profitability (Adjusted EBITDA improvement of $6.8 million year-over-year in Q3 2025 is a great start) and continued marketplace expansion. Their collective pressure influences management decisions on capital allocation, M&A strategy, and even the pace of international expansion.

For a company like Xometry, Inc., which is focused on scaling its AI-powered platform, the institutional base acts as a long-term partner, provided the company continues to deliver on its core growth metrics-like the 31% year-over-year marketplace revenue growth seen in Q3 2025. Their continued support is essential for the company to achieve its long-term goals, which you can read more about in their Mission Statement, Vision, & Core Values of Xometry, Inc. (XMTR).

Next Step: You should monitor the next round of 13F filings (due 45 days after the quarter end) to see if the net accumulation trend continues into Q4 2025, particularly among the active growth funds.

Key Investors and Their Impact on Xometry, Inc. (XMTR)

You want to know who is driving the Xometry, Inc. (XMTR) stock and why, and the short answer is: the institutions. Hedge funds and large asset managers own a massive chunk of this company, meaning their sentiment dictates much of the stock's near-term movement. It's a highly institutionalized stock, honestly.

As of the most recent filings (Q3 2025), institutional investors hold an overwhelming 97.31% of Xometry, Inc.'s stock. This concentration means that a handful of major funds, not retail traders, are the primary decision-makers influencing the stock's trajectory. When a fund like Brown Capital Management Llc makes a move, the market pays attention, so you need to track their 13F filings closely.

The Heavy Hitters: Who Owns the Largest Stakes

The investor profile for Xometry, Inc. is dominated by a few well-known asset management firms. These aren't activist investors looking to force a management change; they are primarily passive, long-term growth-focused holders who believe in the AI-powered manufacturing marketplace model. Think of them as the bedrock of the stock's valuation.

The top institutional holders as of the Q3 2025 reporting period include some of the biggest names in the investment world, underscoring the company's place in major growth-focused portfolios. Here's a look at the top three, based on the September 30, 2025, filings, which is the freshest data we have:

• Primecap Management Co/ca/: Held 6,168,167 shares.
• Vanguard Group Inc: Held 4,094,006 shares.
• BlackRock, Inc.: Held 3,405,436 shares.

The total value of institutional holdings reached approximately $2,752 million as of the end of Q3 2025. That's a significant vote of confidence in the company's ability to execute on its full-year 2025 revenue guidance of $676 million to $678 million and its Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) guidance of $16 million to $17 million. The big money is betting on the path to profitability.

Recent Moves and Investor Sentiment

The most telling insights come from what these funds did in the last quarter. We saw some major rotations in Q3 2025, which shows a split in how the smart money views the near-term risk-reward. These moves are crucial because they signal a shift in conviction, especially when a stock is trading around $65.66 per share as it was in mid-November 2025. That's a huge jump from the $30.95 per share a year prior, an increase of over 112%.

Here are two of the most notable Q3 2025 transactions:

To be fair, Brown Capital Management Llc's selling, while large, was partially offset by other funds. Driehaus Capital Management Llc, for instance, boosted their stake by an impressive 105.43% in the same period. This tells me that while some long-time holders are taking profits after the stock's run-up, others are stepping in, seeing the Q3 revenue beat of $180.7 million as a sign of accelerating growth. The money is rotating, not fleeing.

How Institutional Ownership Impacts Company Decisions

With nearly all the stock held by institutions, these firms influence Xometry, Inc. less through activist campaigns and more through capital allocation and sentiment. They aren't pushing for a new CEO, but their collective opinion on the company's strategy-especially its focus on the AI-powered marketplace and profitability-is paramount.

When Xometry, Inc. reported its Q3 2025 earnings beat, the stock traded approximately 6.7% higher in pre-market trading, a clear example of immediate investor approval. The market is rewarding strong marketplace growth and the expansion of the marketplace gross margin, which hit 35.7% in Q3 2025. This positive feedback loop encourages management to double down on the strategies that deliver growth and margin expansion, like expanding their international footprint and enhancing their instant quoting engine. You can see the strategic alignment with their Mission Statement, Vision, & Core Values of Xometry, Inc. (XMTR).

Market Impact and Investor Sentiment

You're looking at Xometry, Inc. (XMTR) and wondering if the big money is still on board. The short answer is yes, institutional conviction remains exceptionally high, but it's not a uniform cheer-it's an accumulation story with a few notable exits. Nearly 97.31% of the stock is owned by institutional investors and hedge funds, which tells you this is a serious growth play for professional money managers, not a retail favorite.

The sentiment is cautiously optimistic, or what I call 'growth-at-a-price' accumulation. Firms like Gilder Gagnon Howe & Co. LLC clearly signaled their positive view by boosting their position by a massive 248.8% during the second quarter of 2025. They bought an additional 613,282 shares, valuing their total stake at $29,053,000 as of that filing. That's a huge vote of confidence. Still, you have to note the counter-moves: Brown Capital Management LLC, for instance, removed 1,331,911 shares in Q3 2025, a significant reduction. This shows a healthy debate among the smartest money on the street about XMTR's near-term valuation versus its long-term potential.

• Institutional ownership is near 97.31%.
• Major holders include Vanguard Group Inc. and BlackRock, Inc.
• Q3 2025 saw large accumulation and large divestment.

The BlackRock and Vanguard View

When you see giants like BlackRock, Inc. and Vanguard Group Inc. holding significant stakes, it establishes a baseline of stability and long-term passive interest. BlackRock, Inc., for example, held 3,405,436 shares as of September 30, 2025, with a reported value of $185,494,000 (though they slightly reduced their stake by 0.62% in the quarter). Vanguard Group Inc. also held over 4 million shares. These massive index and active funds aren't trading on daily noise; they're buying into the long-term thesis of Xometry's AI-powered marketplace digitizing manufacturing (digital manufacturing is a secular trend, plain and simple).

Recent Market Reactions to Ownership Shifts

The market has responded to positive developments and investor accumulation with clear upward momentum in 2025. The stock price more than doubled, increasing by 112.15% from November 2024 to November 2025. This isn't just organic growth; it's a reaction to the company's execution and the resulting institutional accumulation. A great example: on August 5, 2025, the stock surged by 44.54% after a price target increase from Citizens JMP, fueled by investor enthusiasm for Xometry's expanding international footprint and enhanced quoting systems. The stock later hit a new 52-week high of $69.26 in mid-November 2025. Insider selling, such as the CFO James Miln selling 599 shares in November 2025 for $37,203.89, hasn't derailed the overall positive price trend, suggesting the institutional buying pressure is stronger than the insider profit-taking.

Analyst Perspectives and Investor Impact

The analysts are following the institutional money and the company's strong revenue performance. The consensus rating is a 'Hold' from ten firms, but the split is telling: five 'Buy' ratings versus only one 'Sell' rating. The average 12-month price target is $57.89, which is a decent upside from the current price.

What's more compelling is the recent upward revision of targets by key firms in November 2025. JPMorgan Chase & Co. boosted their target from $55.00 to $70.00, and Wedbush increased theirs from $48.00 to $70.00. JMP Securities went even higher, setting a $75.00 price objective. Here's the quick math: these high targets are grounded in Xometry's ability to beat revenue expectations, like the Q3 2025 revenue of $180.72 million which topped analyst estimates of $168.25 million. The analysts see the large institutional base as a stabilizing factor, allowing them to focus on the company's forecast of becoming profitable over the next three years, with EPS expected to grow by 92.8% per annum. The big money is betting on that future profitability, defintely.

Here is a snapshot of the recent analyst activity:

The clear action for you is to monitor the next round of 13F filings for Q4 2025 to see if the large institutional buyers like First Trust Advisors LP, which increased its holdings by 42.9% in Q2 2025, continue their accumulation trend. For a deeper dive into the company's balance sheet, check out Breaking Down Xometry, Inc. (XMTR) Financial Health: Key Insights for Investors.