Based on 205 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their ADTN positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 94% of 3.0Y peak
94% of all-time peak
205 funds currently hold this stock — 94% of the 3.0-year high of 217 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀
Fast accumulation — +33% more funds vs a year ago
fund count last 6Q
+51 new funds entered over the past year (+33% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks. The peak was reached in just 4 quarters from the low — a sharp move.
🟠
More sellers than buyers — 46% buying
99 buying116 selling
Last quarter: 116 funds reduced or exited vs 99 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️
Fewer new buyers each quarter (-23 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 63 → 28 → 48 → 25. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
66% of holders stayed for 2+ years
■ 66% conviction (2yr+)
■ 22% medium
■ 12% new
135 out of 205 hedge funds have held ADTN for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
📊
Peak discovery — momentum slowing
25 → 63 → 28 → 48 → 25 new funds/Q
New funds entering each quarter: 63 → 28 → 48 → 25. ADTN is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 74% of holders stayed 2+ years
■ 74% veterans
■ 9% 1-2yr
■ 17% new
Of 209 current holders: 155 (74%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
✅
Strong quality — 32% AUM from major funds
32% from top-100 AUM funds
37 of 205 holders rank in the top 100 by AUM, accounting for 32% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.