Based on 36 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 BIRD 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 31% of 3.0Y high
31% of all-time peak
Only 36 funds hold BIRD today versus a peak of 116 funds at 2023 Q3 — just 31% 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 — 29% fewer funds vs a year ago
fund count last 6Q
15 fewer hedge funds hold BIRD compared to a year ago (-29% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 39% buying
11 buying17 selling
Last quarter: 17 funds sold vs only 11 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 7 → 8 → 5 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
72% of holders stayed for 2+ years
■ 72% conviction (2yr+)
■ 22% medium
■ 6% new
26 out of 36 hedge funds have held BIRD 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 +3%, value -26%
Last quarter: funds added +3% more shares while total portfolio value only changed -26%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
⚠️
Saturation — most institutions already know this story
11 → 7 → 8 → 5 → 3 new funds/Q
New funds entering each quarter: 7 → 8 → 5 → 3. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
🏛️
Deep conviction — 75% of holders stayed 2+ years
■ 75% veterans
■ 14% 1-2yr
■ 11% new
Of 36 current holders: 27 (75%) 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 — 81% AUM from top-100 funds
81% from top-100 AUM funds
12 of 36 holders are among the 100 largest funds by AUM, controlling 81% of total institutional value in BIRD. 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 1.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.