Based on 4 hedge funds · latest filing: 2024 Q1 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their IRRX 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 9% of 2.2Y high
9% of all-time peak
Only 4 funds hold IRRX today versus a peak of 45 funds at 2022 Q4 — just 9% 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 — 88% fewer funds vs a year ago
fund count last 6Q
28 fewer hedge funds hold IRRX compared to a year ago (-88% 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 3% buying
1 buying28 selling
Last quarter: 28 funds sold vs only 1 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 1 → 4 → 7 → 0. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
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Steady discovery — ~0 new funds/quarter
5 → 1 → 4 → 7 → 0 new funds/Q
New funds entering each quarter: 1 → 4 → 7 → 0. 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.