Based on 1 hedge funds · latest filing: 2025 Q3 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their IPA 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 4% of 3.0Y high
4% of all-time peak
Only 1 funds hold IPA today versus a peak of 25 funds at 2025 Q2 — just 4% 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 — 94% fewer funds vs a year ago
fund count last 6Q
16 fewer hedge funds hold IPA compared to a year ago (-94% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 0% buying
0 buying25 selling
Last quarter: 25 funds sold vs only 0 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 — ~0 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 7 → 5 → 0. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Peak discovery — momentum slowing
1 → 1 → 7 → 5 → 0 new funds/Q
New funds entering each quarter: 1 → 7 → 5 → 0. IPA is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
Exit risk score 2.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.