Based on 13 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their HESAY 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 62% of 3.0Y high
62% of all-time peak
Only 13 funds hold HESAY today versus a peak of 21 funds at 2025 Q4 — just 62% 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 — 32% fewer funds vs a year ago
fund count last 6Q
6 fewer hedge funds hold HESAY compared to a year ago (-32% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More sellers than buyers — 46% buying
6 buying7 selling
Last quarter: 7 funds reduced or exited vs 6 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 → 8 → 1 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mixed — 38% long-term, 23% new
■ 38% conviction (2yr+)
■ 38% medium
■ 23% new
Of the 13 current holders: 5 (38%) held >2 years, 5 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.
⚠️
Saturation — most institutions already know this story
5 → 1 → 8 → 1 → 2 new funds/Q
New funds entering each quarter: 1 → 8 → 1 → 2. 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.
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Mixed cohorts — 38% veterans, 38% new entrants
■ 38% veterans
■ 23% 1-2yr
■ 38% new
Of 13 current holders: 5 (38%) held 2+ years, 3 held 1–2 years, 5 (38%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 55% AUM from top-100 funds
55% from top-100 AUM funds
2 of 13 holders are among the 100 largest funds by AUM, controlling 55% of total institutional value in HESAY. 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 1.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.