Based on 33 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 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 61% of 3.0Y high
61% of all-time peak
Only 33 funds hold BLCN today versus a peak of 54 funds at 2023 Q3 — just 61% 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 — 11% fewer funds vs a year ago
fund count last 6Q
4 fewer hedge funds hold BLCN compared to a year ago (-11% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 55% buying
12 buying10 selling
Last quarter: 12 funds bought or added vs 10 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
⚠️
Fewer new buyers each quarter (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 5 → 7 → 10 → 4. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
70% of holders stayed for 2+ years
■ 70% conviction (2yr+)
■ 18% medium
■ 12% new
23 out of 33 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.
💎
Buying through price weakness — shares +8%, value -10%
Last quarter: funds added +8% more shares while total portfolio value only changed -10%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~4 new funds/quarter
6 → 5 → 7 → 10 → 4 new funds/Q
New funds entering each quarter: 5 → 7 → 10 → 4. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 73% veterans vs 21% newcomers
■ 73% veterans
■ 6% 1-2yr
■ 21% new
Entry-cohort mix of 33 holders: 24 (73%) are 2+ year veterans, 2 entered 1–2 years ago, and 7 (21%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 36% AUM from major funds
36% from top-100 AUM funds
6 of 33 holders rank in the top 100 by AUM, accounting for 36% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 1.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.