Based on 24 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 this position than added to it. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams deciding to exit.
🏔️
At the ownership peak (96% of max)
96% of all-time peak
24 hedge funds hold this stock 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 'crowded trade' — high ownership doesn't mean safe.
📶
Steady growth — +14% more funds vs a year ago
fund count last 6Q
+3 new funds entered over the past year (+14% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 61% buying
14 buying9 selling
Last quarter: 14 funds were net buyers (3 opened a brand new position + 11 added to an existing one). Only 9 were sellers (5 trimmed + 4 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 7 → 4 → 3 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 29% long-term, 21% new
■ 29% conviction (2yr+)
■ 50% medium
■ 21% new
Of the 24 current holders: 7 (29%) held >2 years, 12 held 1–2 years, and 5 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.
⚠️
Saturation — most institutions already know this story
10 → 7 → 4 → 3 → 3 new funds/Q
New funds entering each quarter: 7 → 4 → 3 → 3. 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 — 38% veterans, 50% new entrants
■ 38% veterans
■ 12% 1-2yr
■ 50% new
Of 24 current holders: 9 (38%) held 2+ years, 3 held 1–2 years, 12 (50%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 25% from major AUM funds
25% from top-100 AUM funds
6 of 24 current holders rank in the top 100 by AUM. A meaningful share of the ownership base comes from the most well-resourced institutions.
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.