Based on 40 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed this position than added to it. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams deciding to exit.
📊
High ownership — 87% of 3.0Y peak
87% of all-time peak
40 funds currently hold this stock — 87% of the 3.0-year high of 46 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 13% fewer funds vs a year ago
fund count last 6Q
6 fewer hedge funds hold this stock compared to a year ago (-13% decline). When institutions consistently reduce exposure, it's worth asking what they know that retail investors don't.
🔴
Heavy selling pressure — only 35% buying
11 buying20 selling
Last quarter: 20 funds sold vs only 11 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 7 → 3 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 20% entered in last year
■ 8% conviction (2yr+)
■ 72% medium
■ 20% new
Only 3 funds (8%) 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 -19%, value -99%
Last quarter: funds added -19% more shares while total portfolio value only changed -99%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~6 new funds/quarter
9 → 3 → 7 → 3 → 6 new funds/Q
New funds entering each quarter: 3 → 7 → 3 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 12% veterans, 22% new entrants
■ 12% veterans
■ 65% 1-2yr
■ 22% new
Of 40 current holders: 5 (12%) held 2+ years, 26 held 1–2 years, 9 (22%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 22% from major AUM funds
22% from top-100 AUM funds
9 of 40 current holders rank in the top 100 by AUM. A meaningful share of the ownership base comes from the most well-resourced institutions.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.