Based on 8 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 GWAV 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 40% of 2.2Y high
40% of all-time peak
Only 8 funds hold GWAV today versus a peak of 20 funds at 2024 Q4 — just 40% 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.
📉
Outflows — 53% fewer funds vs a year ago
fund count last 6Q
9 fewer hedge funds hold GWAV compared to a year ago (-53% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 43% buying
3 buying4 selling
Last quarter: 4 funds reduced or exited vs 3 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 1 → 4 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 38% long-term, 38% new
■ 38% conviction (2yr+)
■ 25% medium
■ 38% new
Of the 8 current holders: 3 (38%) held >2 years, 2 held 1–2 years, and 3 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.
💰
Value +34% but shares only +7% — price-driven
Last quarter: the total dollar value of institutional holdings rose +34%, but actual share count only changed +7%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
➡️
Steady discovery — ~2 new funds/quarter
3 → 1 → 1 → 4 → 2 new funds/Q
New funds entering each quarter: 1 → 1 → 4 → 2. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 0% veterans, 38% new entrants
■ 0% veterans
■ 62% 1-2yr
■ 38% new
Of 8 current holders: 0 (0%) held 2+ years, 5 held 1–2 years, 3 (38%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 23% AUM from major funds
23% from top-100 AUM funds
3 of 8 holders rank in the top 100 by AUM, accounting for 23% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 1.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.