Based on 18 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 ITOCY 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 (95% of max)
95% of all-time peak
18 hedge funds hold ITOCY 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 — +38% more funds vs a year ago
fund count last 6Q
+5 new funds entered over the past year (+38% 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.
🟢
More buyers than sellers — 84% buying
16 buying3 selling
Last quarter: 16 funds were net buyers (1 opened a brand new position + 15 added to an existing one). Only 3 were sellers (1 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 3 → 0 → 8 → 1. 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.
🔒
50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 33% medium
■ 17% new
9 out of 18 hedge funds have held ITOCY 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 +330%, value -44%
Last quarter: funds added +330% more shares while total portfolio value only changed -44%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~1 new funds/quarter
2 → 3 → 0 → 8 → 1 new funds/Q
New funds entering each quarter: 3 → 0 → 8 → 1. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 44% veterans vs 33% newcomers
■ 44% veterans
■ 22% 1-2yr
■ 33% new
Entry-cohort mix of 18 holders: 8 (44%) are 2+ year veterans, 4 entered 1–2 years ago, and 6 (33%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 22% AUM from major funds
22% from top-100 AUM funds
2 of 18 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.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.