Based on 12 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 CMCM 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 67% of 3.0Y high
67% of all-time peak
Only 12 funds hold CMCM today versus a peak of 18 funds at 2025 Q3 — just 67% 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 — 20% fewer funds vs a year ago
fund count last 6Q
3 fewer hedge funds hold CMCM compared to a year ago (-20% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 29% buying
4 buying10 selling
Last quarter: 10 funds sold vs only 4 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 0 → 7 → 1 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
83% of holders stayed for 2+ years
■ 83% conviction (2yr+)
■ 8% medium
■ 8% new
10 out of 12 hedge funds have held CMCM 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 -20%, value -38%
Last quarter: funds added -20% more shares while total portfolio value only changed -38%. 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
6 → 0 → 7 → 1 → 1 new funds/Q
New funds entering each quarter: 0 → 7 → 1 → 1. 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 — 85% veterans vs 8% newcomers
■ 85% veterans
■ 8% 1-2yr
■ 8% new
Entry-cohort mix of 13 holders: 11 (85%) are 2+ year veterans, 1 entered 1–2 years ago, and 1 (8%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 56% AUM from top-100 funds
56% from top-100 AUM funds
7 of 12 holders are among the 100 largest funds by AUM, controlling 56% of total institutional value in CMCM. 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 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.