Based on 67 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their CDLX 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 47% of 3.0Y high
47% of all-time peak
Only 67 funds hold CDLX today versus a peak of 143 funds at 2024 Q1 — just 47% 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 — 37% fewer funds vs a year ago
fund count last 6Q
39 fewer hedge funds hold CDLX compared to a year ago (-37% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 33% buying
26 buying52 selling
Last quarter: 52 funds sold vs only 26 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-14 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 13 → 16 → 24 → 10. 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+)
■ 15% medium
■ 15% new
47 out of 67 hedge funds have held CDLX 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 -9%, value -57%
Last quarter: funds added -9% more shares while total portfolio value only changed -57%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~10 new funds/quarter
17 → 13 → 16 → 24 → 10 new funds/Q
New funds entering each quarter: 13 → 16 → 24 → 10. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 78% of holders stayed 2+ years
■ 78% veterans
■ 6% 1-2yr
■ 17% new
Of 72 current holders: 56 (78%) 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.
✅
Strong quality — 27% AUM from major funds
27% from top-100 AUM funds
14 of 67 holders rank in the top 100 by AUM, accounting for 27% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 1.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.