Based on 15 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 DTST 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 45% of 3.0Y high
45% of all-time peak
Only 15 funds hold DTST today versus a peak of 33 funds at 2025 Q4 — just 45% 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.
📉
Outflows — 25% fewer funds vs a year ago
fund count last 6Q
5 fewer hedge funds hold DTST compared to a year ago (-25% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 15% buying
5 buying29 selling
Last quarter: 29 funds sold vs only 5 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-8 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 3 → 5 → 12 → 4. 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 — 33% long-term, 40% new
■ 33% conviction (2yr+)
■ 27% medium
■ 40% new
Of the 15 current holders: 5 (33%) held >2 years, 4 held 1–2 years, and 6 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.
➡️
Steady discovery — ~4 new funds/quarter
1 → 3 → 5 → 12 → 4 new funds/Q
New funds entering each quarter: 3 → 5 → 12 → 4. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 27% veterans, 33% new entrants
■ 27% veterans
■ 40% 1-2yr
■ 33% new
Of 15 current holders: 4 (27%) held 2+ years, 6 held 1–2 years, 5 (33%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 39% AUM from major funds
39% from top-100 AUM funds
5 of 15 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.