Based on 187 hedge funds · latest filing: 2021 Q3 · updated quarterly
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Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed this position than added to it. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams deciding to exit.
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High ownership — 81% of 3.0Y peak
81% of all-time peak
187 funds currently hold this stock — 81% of the 3.0-year high of 230 funds (reached 2020 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 13% fewer funds vs a year ago
fund count last 6Q
29 fewer hedge funds hold this stock compared to a year ago (-13% decline). When institutions consistently reduce exposure, it's worth asking what they know that retail investors don't.
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More sellers than buyers — 46% buying
104 buying123 selling
Last quarter: 123 funds reduced or exited vs 104 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
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Fewer new buyers each quarter (-31 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 48 → 44 → 65 → 34. 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.
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Steady discovery — ~34 new funds/quarter
40 → 48 → 44 → 65 → 34 new funds/Q
New funds entering each quarter: 48 → 44 → 65 → 34. Consistent flow of new institutional buyers without clear acceleration or slowdown.
Exit risk score 2.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.