It's 13F season, where hedge funds with at least $100M in assets under management disclose their holdings (Stocks they Own).
The flurry of filings gives investors a chance to see what they bought and sold during the quarter, like long positions, and call and put options, though shorts aren't included on the statements. Besides detailing where the "smart money" is being put to work, some may seek out vulnerabilities they can profit from... remember last year's GameStop saga? It all started when a Reddit user flagged Melvin Capital's heavy puts on GME, which eventually spiraled into the notorious short-squeeze enabled by WallStreetBets.
Where are the big guys investing their money? With the form required to be filed within 45 days of the end of a calendar quarter, hedge funds usually wait until the last minute to publish their holdings as not to let the public know what they are doing.