Based on 39 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their LPSN 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 28% of 3.0Y high
28% of all-time peak
Only 39 funds hold LPSN today versus a peak of 141 funds at 2023 Q1 — just 28% 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 — 44% fewer funds vs a year ago
fund count last 6Q
31 fewer hedge funds hold LPSN compared to a year ago (-44% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 15% buying
11 buying64 selling
Last quarter: 64 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 — ~9 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 9 → 6 → 8 → 9. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
74% of holders stayed for 2+ years
■ 74% conviction (2yr+)
■ 13% medium
■ 13% new
29 out of 39 hedge funds have held LPSN for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
➡️
Steady discovery — ~9 new funds/quarter
12 → 9 → 6 → 8 → 9 new funds/Q
New funds entering each quarter: 9 → 6 → 8 → 9. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 84% of holders stayed 2+ years
■ 84% veterans
■ 2% 1-2yr
■ 13% new
Of 45 current holders: 38 (84%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
🏆
Elite ownership — 100% AUM from top-100 funds
100% from top-100 AUM funds
15 of 39 holders are among the 100 largest funds by AUM, controlling 100% of total institutional value in LPSN. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 2.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.