Based on 45 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 IPX positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (98% of max)
98% of all-time peak
45 hedge funds hold IPX right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀
Fast accumulation — +114% more funds vs a year ago
fund count last 6Q
+24 new funds entered over the past year (+114% 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 — 58% buying
32 buying23 selling
Last quarter: 32 funds bought or added vs 23 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 — ~15 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 15 → 15 → 16 → 15. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 29% long-term, 49% new
■ 29% conviction (2yr+)
■ 22% medium
■ 49% new
Of the 45 current holders: 13 (29%) held >2 years, 10 held 1–2 years, and 22 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 +35%, value -52%
Last quarter: funds added +35% more shares while total portfolio value only changed -52%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~15 new funds/quarter
5 → 15 → 15 → 16 → 15 new funds/Q
New funds entering each quarter: 15 → 15 → 16 → 15. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 58% of holders entered in last year
■ 31% veterans
■ 11% 1-2yr
■ 58% new
Of 45 current holders: 26 (58%) entered in the past year, only 14 (31%) 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.
✅
Strong quality — 22% AUM from major funds
22% from top-100 AUM funds
14 of 45 holders rank in the top 100 by AUM, accounting for 22% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
5.0
out of 10
Moderate Exit Risk
Exit risk score 5.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.