Based on 34 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their IBLC 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 — 87% of 3.0Y peak
87% of all-time peak
34 funds currently hold this stock — 87% of the 3.0-year high of 39 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀
Fast accumulation — +48% more funds vs a year ago
fund count last 6Q
+11 new funds entered over the past year (+48% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟡
Slight buying edge — 52% buying
17 buying16 selling
Last quarter: 17 funds bought or added vs 16 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 16 → 12 → 5 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 41% entered in last year
■ 9% conviction (2yr+)
■ 50% medium
■ 41% new
Only 3 funds (9%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
⚠️
Saturation — most institutions already know this story
7 → 16 → 12 → 5 → 7 new funds/Q
New funds entering each quarter: 16 → 12 → 5 → 7. 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.
🌱
Early stage — 71% of holders entered in last year
■ 15% veterans
■ 15% 1-2yr
■ 71% new
Of 34 current holders: 24 (71%) entered in the past year, only 5 (15%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
📋
Smaller funds dominant — 2% AUM from top-100
2% from top-100 AUM funds
3 of 34 holders rank in the top 100 by AUM, but together hold only 2% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.