Based on 4 hedge funds · latest filing: 2025 Q2 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their FNA 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 3% of 3.0Y high
3% of all-time peak
Only 4 funds hold FNA today versus a peak of 154 funds at 2025 Q1 — just 3% 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 — 96% fewer funds vs a year ago
fund count last 6Q
101 fewer hedge funds hold FNA compared to a year ago (-96% 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 1% buying
2 buying150 selling
Last quarter: 150 funds sold vs only 2 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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Fewer new buyers each quarter (-61 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 23 → 29 → 61 → 0. 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.
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Steady discovery — ~0 new funds/quarter
31 → 23 → 29 → 61 → 0 new funds/Q
New funds entering each quarter: 23 → 29 → 61 → 0. Consistent flow of new institutional buyers without clear acceleration or slowdown.
Exit risk score 2.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.