Based on 10 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their ERNA 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 38% of 3.0Y high
38% of all-time peak
Only 10 funds hold ERNA today versus a peak of 26 funds at 2025 Q1 — just 38% 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 — 17% fewer funds vs a year ago
fund count last 6Q
2 fewer hedge funds hold ERNA compared to a year ago (-17% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 10% buying
2 buying19 selling
Last quarter: 19 funds sold vs only 2 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 → 3 → 10 → 2. 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.
🔄
Mostly new holders — 50% entered in last year
■ 0% conviction (2yr+)
■ 50% medium
■ 50% new
Only 0 funds (0%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
💰
Price up while funds trimmed (-67% value, -99% shares)
Last quarter: total value of institutional ERNA holdings rose -67% even though funds reduced share count by 99%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
➡️
Steady discovery — ~2 new funds/quarter
1 → 3 → 3 → 10 → 2 new funds/Q
New funds entering each quarter: 3 → 3 → 10 → 2. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 10% veterans, 50% new entrants
■ 10% veterans
■ 40% 1-2yr
■ 50% new
Of 10 current holders: 1 (10%) held 2+ years, 4 held 1–2 years, 5 (50%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 43% AUM from top-100 funds
43% from top-100 AUM funds
3 of 9 holders are among the 100 largest funds by AUM, controlling 43% of total institutional value in ERNA. 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 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.