Based on 13 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 IOBT 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 50% of 3.0Y high
50% of all-time peak
Only 13 funds hold IOBT today versus a peak of 26 funds at 2025 Q2 — just 50% 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 — 38% fewer funds vs a year ago
fund count last 6Q
8 fewer hedge funds hold IOBT compared to a year ago (-38% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 23% buying
5 buying17 selling
Last quarter: 17 funds sold vs only 5 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 6 → 9 → 5 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
46% of holders stayed for 2+ years
■ 46% conviction (2yr+)
■ 15% medium
■ 38% new
6 out of 13 hedge funds have held IOBT for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎
Buying through price weakness — shares -56%, value -95%
Last quarter: funds added -56% more shares while total portfolio value only changed -95%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
⚠️
Saturation — most institutions already know this story
1 → 6 → 9 → 5 → 3 new funds/Q
New funds entering each quarter: 6 → 9 → 5 → 3. 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.
🏛️
Veteran-anchored — 62% veterans vs 38% newcomers
■ 62% veterans
■ 0% 1-2yr
■ 38% new
Entry-cohort mix of 13 holders: 8 (62%) are 2+ year veterans, 0 entered 1–2 years ago, and 5 (38%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 15% AUM from top-100
15% from top-100 AUM funds
6 of 13 holders rank in the top 100 by AUM, but together hold only 15% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.