Based on 5 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 BDGS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 45% of 2.8Y high
45% of all-time peak
Only 5 funds hold BDGS today versus a peak of 11 funds at 2024 Q4 — just 45% 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 — 55% fewer funds vs a year ago
fund count last 6Q
6 fewer hedge funds hold BDGS compared to a year ago (-55% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 22% buying
2 buying7 selling
Last quarter: 7 funds sold vs only 2 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 0 → 2 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 20% entered in last year
■ 20% conviction (2yr+)
■ 60% medium
■ 20% new
Only 1 funds (20%) 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 — ~1 new funds/quarter
4 → 3 → 0 → 2 → 1 new funds/Q
New funds entering each quarter: 3 → 0 → 2 → 1. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 60% of holders entered in last year
■ 40% veterans
■ 0% 1-2yr
■ 60% new
Of 5 current holders: 3 (60%) entered in the past year, only 2 (40%) 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 — 0% AUM from top-100
0% from top-100 AUM funds
0 of 5 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.