Based on 6 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds reduced or closed their K 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 1% of 3.0Y high
1% of all-time peak
Only 6 funds hold K today versus a peak of 909 funds at 2024 Q4 — just 1% 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 — 99% fewer funds vs a year ago
fund count last 6Q
902 fewer hedge funds hold K compared to a year ago (-99% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 27% buying
4 buying11 selling
Last quarter: 11 funds sold vs only 4 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 92 → 83 → 5 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 33% long-term, 17% new
■ 33% conviction (2yr+)
■ 50% medium
■ 17% new
Of the 6 current holders: 2 (33%) held >2 years, 3 held 1–2 years, and 1 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.
⚠️
Saturation — most institutions already know this story
109 → 92 → 83 → 5 → 4 new funds/Q
New funds entering each quarter: 92 → 83 → 5 → 4. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
📊
Mixed cohorts — 33% veterans, 17% new entrants
■ 33% veterans
■ 50% 1-2yr
■ 17% new
Of 6 current holders: 2 (33%) held 2+ years, 3 held 1–2 years, 1 (17%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
0 of 6 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.