Based on 42 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their AFK positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (98% of max)
98% of all-time peak
42 hedge funds hold AFK right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀
Fast accumulation — +75% more funds vs a year ago
fund count last 6Q
+18 new funds entered over the past year (+75% 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.
🟠
More sellers than buyers — 46% buying
19 buying22 selling
Last quarter: 22 funds reduced or exited vs 19 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 (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 13 → 11 → 15 → 9. 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.
🔄
Mostly new holders — 40% entered in last year
■ 21% conviction (2yr+)
■ 38% medium
■ 40% new
Only 9 funds (21%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
➡️
Steady discovery — ~9 new funds/quarter
5 → 13 → 11 → 15 → 9 new funds/Q
New funds entering each quarter: 13 → 11 → 15 → 9. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 55% of holders entered in last year
■ 38% veterans
■ 7% 1-2yr
■ 55% new
Of 42 current holders: 23 (55%) entered in the past year, only 16 (38%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
📋
Smaller funds dominant — 15% AUM from top-100
15% from top-100 AUM funds
10 of 42 holders rank in the top 100 by AUM, but together hold only 15% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
5.0
out of 10
Moderate Exit Risk
Exit risk score 5.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.