Based on 53 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds reduced or closed their JSPR 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 64% of 3.0Y high
64% of all-time peak
Only 53 funds hold JSPR today versus a peak of 83 funds at 2024 Q4 — just 64% 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 — 36% fewer funds vs a year ago
fund count last 6Q
30 fewer hedge funds hold JSPR compared to a year ago (-36% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 54% buying
33 buying28 selling
Last quarter: 33 funds bought or added vs 28 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.
⚠️
Fewer new buyers each quarter (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 12 → 16 → 16 → 10. 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.
🔄
Mostly new holders — 32% entered in last year
■ 9% conviction (2yr+)
■ 58% medium
■ 32% new
Only 5 funds (9%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
💎
Buying through price weakness — shares -7%, value -64%
Last quarter: funds added -7% more shares while total portfolio value only changed -64%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~10 new funds/quarter
18 → 12 → 16 → 16 → 10 new funds/Q
New funds entering each quarter: 12 → 16 → 16 → 10. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 4% veterans, 30% new entrants
■ 4% veterans
■ 67% 1-2yr
■ 30% new
Of 57 current holders: 2 (4%) held 2+ years, 38 held 1–2 years, 17 (30%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 33% AUM from major funds
33% from top-100 AUM funds
15 of 53 holders rank in the top 100 by AUM, accounting for 33% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.