Based on 5 hedge funds · latest filing: 2024 Q1 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their MARK positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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Below peak — only 10% of 3.0Y high
10% of all-time peak
Only 5 funds hold MARK today versus a peak of 50 funds at 2021 Q3 — just 10% 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 — 74% fewer funds vs a year ago
fund count last 6Q
14 fewer hedge funds hold MARK compared to a year ago (-74% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 15% buying
4 buying22 selling
Last quarter: 22 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 — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 6 → 3 → 7 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Buying through price weakness — shares +57%, value -34%
Last quarter: funds added +57% more shares while total portfolio value only changed -34%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Steady discovery — ~3 new funds/quarter
5 → 6 → 3 → 7 → 3 new funds/Q
New funds entering each quarter: 6 → 3 → 7 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
Exit risk score 1.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.