Based on 2 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds reduced or closed their ECDA positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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Below peak — only 12% of 2.2Y high
12% of all-time peak
Only 2 funds hold ECDA today versus a peak of 17 funds at 2023 Q4 — just 12% 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 — 88% fewer funds vs a year ago
fund count last 6Q
15 fewer hedge funds hold ECDA compared to a year ago (-88% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 22% buying
2 buying7 selling
Last quarter: 7 funds sold vs only 2 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 → 1 → 5 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Price up while funds trimmed (-9% value, -68% shares)
Last quarter: total value of institutional ECDA holdings rose -9% even though funds reduced share count by 68%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Steady discovery — ~1 new funds/quarter
6 → 0 → 1 → 5 → 1 new funds/Q
New funds entering each quarter: 0 → 1 → 5 → 1. Consistent flow of new institutional buyers without clear acceleration or slowdown.
Exit risk score 1.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.