Based on 4 hedge funds · latest filing: 2023 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed this position than added to it. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams deciding to exit.
🔻
Below peak — only 2% of 3.0Y high
2% of all-time peak
Only 4 funds hold this stock today versus a peak of 265 funds at 2023 Q1 — just 2% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
📉
Outflows — 98% fewer funds vs a year ago
fund count last 6Q
219 fewer hedge funds hold this stock compared to a year ago (-98% decline). When institutions consistently reduce exposure, it's worth asking what they know that retail investors don't.
🔴
Heavy selling pressure — only 0% buying
1 buying262 selling
Last quarter: 262 funds sold vs only 1 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-57 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 23 → 46 → 58 → 1. 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.
📌
Mixed — 25% long-term, 50% new
■ 25% conviction (2yr+)
■ 25% medium
■ 50% new
Of the 4 current holders: 1 (25%) held >2 years, 1 held 1–2 years, and 2 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
➡️
Steady discovery — ~1 new funds/quarter
29 → 23 → 46 → 58 → 1 new funds/Q
New funds entering each quarter: 23 → 46 → 58 → 1. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 25% veterans, 50% new entrants
■ 25% veterans
■ 25% 1-2yr
■ 50% new
Of 4 current holders: 1 (25%) held 2+ years, 1 held 1–2 years, 2 (50%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 25% from major AUM funds
25% from top-100 AUM funds
1 of 4 current holders rank in the top 100 by AUM. A meaningful share of the ownership base comes from the most well-resourced institutions.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.