Based on 15 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, 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.
📊
High ownership — 71% of 3.0Y peak
71% of all-time peak
15 funds currently hold this stock — 71% of the 3.0-year high of 21 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +7% more funds vs a year ago
fund count last 6Q
+1 new funds entered over the past year (+7% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🔴
Heavy selling pressure — only 19% buying
3 buying13 selling
Last quarter: 13 funds sold vs only 3 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 5 → 1 → 8 → 1. 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.
📌
Mixed — 33% long-term, 20% new
■ 33% conviction (2yr+)
■ 47% medium
■ 20% new
Of the 15 current holders: 5 (33%) held >2 years, 7 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.
💎
Buying through price weakness — shares -1%, value -41%
Last quarter: funds added -1% more shares while total portfolio value only changed -41%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~1 new funds/quarter
2 → 5 → 1 → 8 → 1 new funds/Q
New funds entering each quarter: 5 → 1 → 8 → 1. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 27% veterans, 40% new entrants
■ 27% veterans
■ 33% 1-2yr
■ 40% new
Of 15 current holders: 4 (27%) held 2+ years, 5 held 1–2 years, 6 (40%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 24% AUM from major funds
24% from top-100 AUM funds
2 of 15 holders rank in the top 100 by AUM, accounting for 24% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.