Based on 36 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 their ONLN 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 — 82% of 3.0Y peak
82% of all-time peak
36 funds currently hold this stock — 82% of the 3.0-year high of 44 funds (reached 2023 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding ONLN is almost the same as a year ago (-1 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 51% buying
18 buying17 selling
Last quarter: 18 funds bought or added vs 17 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 3 → 8 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
78% of holders stayed for 2+ years
■ 78% conviction (2yr+)
■ 6% medium
■ 17% new
28 out of 36 hedge funds have held ONLN 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 — ~6 new funds/quarter
8 → 5 → 3 → 8 → 6 new funds/Q
New funds entering each quarter: 5 → 3 → 8 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 83% of holders stayed 2+ years
■ 83% veterans
■ 3% 1-2yr
■ 14% new
Of 36 current holders: 30 (83%) 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 — 66% AUM from top-100 funds
66% from top-100 AUM funds
12 of 36 holders are among the 100 largest funds by AUM, controlling 66% of total institutional value in ONLN. 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 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.