Based on 38 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their CTM positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (97% of max)
97% of all-time peak
38 hedge funds hold CTM right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀
Fast accumulation — +111% more funds vs a year ago
fund count last 6Q
+20 new funds entered over the past year (+111% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟡
Slight buying edge — 51% buying
20 buying19 selling
Last quarter: 20 funds bought or added vs 19 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: 11 → 13 → 14 → 8. 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.
📌
Mixed — 26% long-term, 53% new
■ 26% conviction (2yr+)
■ 21% medium
■ 53% new
Of the 38 current holders: 10 (26%) held >2 years, 8 held 1–2 years, and 20 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💎
Buying through price weakness — shares +54%, value +27%
Last quarter: funds added +54% more shares while total portfolio value only changed +27%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~8 new funds/quarter
6 → 11 → 13 → 14 → 8 new funds/Q
New funds entering each quarter: 11 → 13 → 14 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 58% of holders entered in last year
■ 34% veterans
■ 8% 1-2yr
■ 58% new
Of 38 current holders: 22 (58%) entered in the past year, only 13 (34%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
🏆
Elite ownership — 57% AUM from top-100 funds
57% from top-100 AUM funds
10 of 38 holders are among the 100 largest funds by AUM, controlling 57% of total institutional value in CTM. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
5.4
out of 10
Moderate Exit Risk
Exit risk score 5.4/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.