Based on 117 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 ARAY 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 — 92% of 3.0Y peak
92% of all-time peak
117 funds currently hold this stock — 92% of the 3.0-year high of 127 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 8% fewer funds vs a year ago
fund count last 6Q
10 fewer hedge funds hold ARAY compared to a year ago (-8% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 42% buying
51 buying70 selling
Last quarter: 70 funds reduced or exited vs 51 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.
➡️
Steady new buyers — ~17 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 9 → 15 → 20 → 17. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
74% of holders stayed for 2+ years
■ 74% conviction (2yr+)
■ 14% medium
■ 13% new
86 out of 117 hedge funds have held ARAY 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.
💎
Buying through price weakness — shares +2%, value -63%
Last quarter: funds added +2% more shares while total portfolio value only changed -63%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
🚀
Acceleration phase — new buyers rushing in
14 → 9 → 15 → 20 → 17 new funds/Q
New funds entering each quarter: 9 → 15 → 20 → 17. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️
Deep conviction — 77% of holders stayed 2+ years
■ 77% veterans
■ 8% 1-2yr
■ 14% new
Of 118 current holders: 91 (77%) 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.
🏆
Elite ownership — 97% AUM from top-100 funds
97% from top-100 AUM funds
30 of 117 holders are among the 100 largest funds by AUM, controlling 97% of total institutional value in ARAY. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.