Based on 8 hedge funds · latest filing: 2025 Q3 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their ATMV 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 28% of 2.8Y high
28% of all-time peak
Only 8 funds hold ATMV today versus a peak of 29 funds at 2023 Q3 — just 28% 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 — 60% fewer funds vs a year ago
fund count last 6Q
12 fewer hedge funds hold ATMV compared to a year ago (-60% 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 36% buying
4 buying7 selling
Last quarter: 7 funds sold vs only 4 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 — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 2 → 1 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Steady discovery — ~3 new funds/quarter
4 → 2 → 2 → 1 → 3 new funds/Q
New funds entering each quarter: 2 → 2 → 1 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
Exit risk score 1.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.