Based on 28 hedge funds · latest filing: 2022 Q4 · updated quarterly
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Selling streak — 4 quarters in a row
For 4 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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Below peak — only 62% of 3.0Y high
62% of all-time peak
Only 28 funds hold this stock today versus a peak of 45 funds at 2020 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 — 28% fewer funds vs a year ago
fund count last 6Q
11 fewer hedge funds hold this stock compared to a year ago (-28% 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 26% buying
6 buying17 selling
Last quarter: 17 funds sold vs only 6 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 3 → 1 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Price up while funds trimmed (+5147% value, -7% shares)
Last quarter: total value of institutional HZN holdings rose +5147% even though funds reduced share count by 7%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Steady discovery — ~4 new funds/quarter
4 → 2 → 3 → 1 → 4 new funds/Q
New funds entering each quarter: 2 → 3 → 1 → 4. Consistent flow of new institutional buyers without clear acceleration or slowdown.
Exit risk score 2.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.