Based on 18 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 3 quarters in a row
For 3 consecutive quarters, 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.
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High ownership — 78% of 3.0Y peak
78% of all-time peak
18 funds currently hold this stock — 78% of the 3.0-year high of 23 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 5% fewer funds vs a year ago
fund count last 6Q
1 fewer hedge funds hold this stock compared to a year ago (-5% decline). When institutions consistently reduce exposure, it's worth asking what they know that retail investors don't.
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Heavy selling pressure — only 31% buying
4 buying9 selling
Last quarter: 9 funds sold vs only 4 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 1 → 0 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 28% entered in last year
■ 17% conviction (2yr+)
■ 56% medium
■ 28% new
Only 3 funds (17%) 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.
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Buying through price weakness — shares -38%, value -100%
Last quarter: funds added -38% more shares while total portfolio value only changed -100%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Peak discovery — momentum slowing
8 → 5 → 1 → 0 → 4 new funds/Q
New funds entering each quarter: 5 → 1 → 0 → 4. The stock is well-known in the hedge fund world but new entries are declining. The easy phase of institutional discovery may be behind us.
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Early stage — 61% of holders entered in last year
■ 22% veterans
■ 17% 1-2yr
■ 61% new
Of 18 current holders: 11 (61%) entered in the past year, only 4 (22%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
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Smaller funds dominant — 17% top-100 AUM
17% from top-100 AUM funds
Only 3 of 18 current holders rank in the top 100 by AUM. The stock is held mostly by smaller and mid-sized funds — the largest institutional players haven't yet built significant positions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.