Based on 49 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their LGCY positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 88% of 3.0Y peak
88% of all-time peak
49 funds currently hold this stock — 88% of the 3.0-year high of 56 funds (reached 2026 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀
Fast accumulation — +63% more funds vs a year ago
fund count last 6Q
+19 new funds entered over the past year (+63% 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 sellers than buyers — 45% buying
24 buying29 selling
Last quarter: 29 funds reduced or exited vs 24 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️
Fewer new buyers each quarter (-9 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 13 → 12 → 16 → 7. 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 — 39% entered in last year
■ 2% conviction (2yr+)
■ 59% medium
■ 39% new
Only 1 funds (2%) 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.
➡️
Steady discovery — ~7 new funds/quarter
6 → 13 → 12 → 16 → 7 new funds/Q
New funds entering each quarter: 13 → 12 → 16 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 55% of holders entered in last year
■ 2% veterans
■ 43% 1-2yr
■ 55% new
Of 49 current holders: 27 (55%) entered in the past year, only 1 (2%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
📋
Smaller funds dominant — 9% AUM from top-100
9% from top-100 AUM funds
15 of 49 holders rank in the top 100 by AUM, but together hold only 9% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.3
out of 10
Moderate Exit Risk
Exit risk score 4.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.