Based on 2 hedge funds · latest filing: 2025 Q3 · updated quarterly
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Selling streak — 6 quarters in a row
For 6 consecutive quarters, more hedge funds reduced or closed their ATHA positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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Below peak — only 2% of 3.0Y high
2% of all-time peak
Only 2 funds hold ATHA today versus a peak of 87 funds at 2022 Q4 — 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.
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Outflows — 96% fewer funds vs a year ago
fund count last 6Q
55 fewer hedge funds hold ATHA compared to a year ago (-96% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 2% buying
1 buying47 selling
Last quarter: 47 funds sold vs only 1 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 6 → 1 → 5 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Steady discovery — ~1 new funds/quarter
9 → 6 → 1 → 5 → 1 new funds/Q
New funds entering each quarter: 6 → 1 → 5 → 1. Consistent flow of new institutional buyers without clear acceleration or slowdown.
Exit risk score 2.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.