Based on 54 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 DLTH 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 59% of 3.0Y high
59% of all-time peak
Only 54 funds hold DLTH today versus a peak of 91 funds at 2023 Q1 — just 59% 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 — 11% fewer funds vs a year ago
fund count last 6Q
7 fewer hedge funds hold DLTH compared to a year ago (-11% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 30% buying
12 buying28 selling
Last quarter: 28 funds sold vs only 12 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 6 → 8 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
78% of holders stayed for 2+ years
■ 78% conviction (2yr+)
■ 11% medium
■ 11% new
42 out of 54 hedge funds have held DLTH 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 -14%, value -54%
Last quarter: funds added -14% more shares while total portfolio value only changed -54%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~7 new funds/quarter
6 → 3 → 6 → 8 → 7 new funds/Q
New funds entering each quarter: 3 → 6 → 8 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 83% of holders stayed 2+ years
■ 83% veterans
■ 7% 1-2yr
■ 9% new
Of 54 current holders: 45 (83%) 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.
🏆
Elite ownership — 43% AUM from top-100 funds
43% from top-100 AUM funds
16 of 54 holders are among the 100 largest funds by AUM, controlling 43% of total institutional value in DLTH. 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 2.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.