Based on 37 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 LONA 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
37 funds currently hold this stock — 88% of the 3.0-year high of 42 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀
Fast accumulation — +3600% more funds vs a year ago
fund count last 6Q
+36 new funds entered over the past year (+3600% 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 — 48% buying
15 buying16 selling
Last quarter: 16 funds reduced or exited vs 15 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 (-11 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 0 → 33 → 16 → 5. 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 — 92% entered in last year
■ 8% conviction (2yr+)
■ 0% medium
■ 92% 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.
💰
Value +41% but shares only +4% — price-driven
Last quarter: the total dollar value of institutional holdings rose +41%, but actual share count only changed +4%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
📊
Peak discovery — momentum slowing
0 → 0 → 33 → 16 → 5 new funds/Q
New funds entering each quarter: 0 → 33 → 16 → 5. LONA is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🌱
Early stage — 92% of holders entered in last year
■ 8% veterans
■ 0% 1-2yr
■ 92% new
Of 37 current holders: 34 (92%) entered in the past year, only 3 (8%) 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 — 4% AUM from top-100
4% from top-100 AUM funds
12 of 37 holders rank in the top 100 by AUM, but together hold only 4% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
6.8
out of 10
Moderate Exit Risk
Exit risk score 6.8/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.