Based on 9 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their CONI 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 53% of 1.5Y high
53% of all-time peak
Only 9 funds hold CONI today versus a peak of 17 funds at 2025 Q2 — just 53% 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.
📶
Steady growth — +12% more funds vs a year ago
fund count last 6Q
+1 new funds entered over the past year (+12% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction. The peak was reached in just 2 quarters from the low — a sharp move.
🟡
Slight buying edge — 53% buying
8 buying7 selling
Last quarter: 8 funds bought or added vs 7 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.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 10 → 3 → 4 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 11% entered in last year
■ 11% conviction (2yr+)
■ 78% medium
■ 11% new
Only 1 funds (11%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
⚠️
Saturation — most institutions already know this story
4 → 10 → 3 → 4 → 1 new funds/Q
New funds entering each quarter: 10 → 3 → 4 → 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.
📊
Mixed cohorts — 0% veterans, 50% new entrants
■ 0% veterans
■ 50% 1-2yr
■ 50% new
Of 12 current holders: 0 (0%) held 2+ years, 6 held 1–2 years, 6 (50%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 69% AUM from top-100 funds
69% from top-100 AUM funds
5 of 9 holders are among the 100 largest funds by AUM, controlling 69% of total institutional value in CONI. 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 1.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.