Based on 24 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their OPAD 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 43% of 3.0Y high
43% of all-time peak
Only 24 funds hold OPAD today versus a peak of 56 funds at 2025 Q1 — just 43% 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 — 43% fewer funds vs a year ago
fund count last 6Q
18 fewer hedge funds hold OPAD compared to a year ago (-43% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 21% buying
9 buying34 selling
Last quarter: 34 funds sold vs only 9 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 8 → 18 → 6 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
54% of holders stayed for 2+ years
■ 54% conviction (2yr+)
■ 17% medium
■ 29% new
13 out of 24 hedge funds have held OPAD 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.
💰
Price up while funds trimmed (+9% value, -85% shares)
Last quarter: total value of institutional OPAD holdings rose +9% even though funds reduced share count by 85%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
⚠️
Saturation — most institutions already know this story
6 → 8 → 18 → 6 → 7 new funds/Q
New funds entering each quarter: 8 → 18 → 6 → 7. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
🏛️
Veteran-anchored — 58% veterans vs 31% newcomers
■ 58% veterans
■ 12% 1-2yr
■ 31% new
Entry-cohort mix of 26 holders: 15 (58%) are 2+ year veterans, 3 entered 1–2 years ago, and 8 (31%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 8% AUM from top-100
8% from top-100 AUM funds
9 of 23 holders rank in the top 100 by AUM, but together hold only 8% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.