Based on 27 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.
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High ownership — 93% of 1.0Y peak
93% of all-time peak
27 funds currently hold this stock — 93% of the 1.0-year high of 29 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🔴
Heavy selling pressure — only 35% buying
12 buying22 selling
Last quarter: 22 funds sold vs only 12 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-10 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 15 → 17 → 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.
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Mostly new holders — 96% entered in last year
■ 0% conviction (2yr+)
■ 4% medium
■ 96% new
Only 0 funds (0%) 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.
💰
Price up while funds trimmed (-17% value, -35% shares)
Last quarter: total value of institutional NEGG holdings rose -17% even though funds reduced share count by 35%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
📊
Peak discovery — momentum slowing
15 → 17 → 7 new funds/Q
New funds entering each quarter: 15 → 17 → 7. The stock is well-known in the hedge fund world but new entries are declining. The easy phase of institutional discovery may be behind us.
🌱
Early stage — 96% of holders entered in last year
■ 4% veterans
■ 0% 1-2yr
■ 96% new
Of 27 current holders: 26 (96%) entered in the past year, only 1 (4%) 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.
✅
Strong quality — 33% from major AUM funds
33% from top-100 AUM funds
9 of 27 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 7.8/10 — multiple crowding signals converge. Institutional ownership is at 93% of its all-time high. Selling pressure exceeds buying: only 35% of active funds buying. Crowded trades can unwind fast — a single catalyst can trigger a cascade.