Based on 28 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their BLCN 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 51% of 3.0Y high
51% of all-time peak
Only 28 funds hold BLCN today versus a peak of 55 funds at 2023 Q3 — just 51% 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 — 18% fewer funds vs a year ago
fund count last 6Q
6 fewer hedge funds hold BLCN compared to a year ago (-18% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 31% buying
8 buying18 selling
Last quarter: 18 funds sold vs only 8 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~5 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 7 → 10 → 4 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
68% of holders stayed for 2+ years
■ 68% conviction (2yr+)
■ 14% medium
■ 18% new
19 out of 28 hedge funds have held BLCN 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.
⚠️
Saturation — most institutions already know this story
5 → 7 → 10 → 4 → 5 new funds/Q
New funds entering each quarter: 7 → 10 → 4 → 5. 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.
🏛️
Veteran-anchored — 79% veterans vs 21% newcomers
■ 79% veterans
■ 0% 1-2yr
■ 21% new
Entry-cohort mix of 28 holders: 22 (79%) are 2+ year veterans, 0 entered 1–2 years ago, and 6 (21%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 39% AUM from major funds
39% from top-100 AUM funds
5 of 28 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 1.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.