Based on 9 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their QIS 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 56% of 2.5Y high
56% of all-time peak
Only 9 funds hold QIS today versus a peak of 16 funds at 2024 Q4 — just 56% 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
7 fewer hedge funds hold QIS compared to a year ago (-44% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 45% buying
5 buying6 selling
Last quarter: 6 funds reduced or exited vs 5 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 3 → 1 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 11% entered in last year
■ 22% conviction (2yr+)
■ 67% medium
■ 11% new
Only 2 funds (22%) 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.
💎
Buying through price weakness — shares -19%, value -37%
Last quarter: funds added -19% more shares while total portfolio value only changed -37%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
⚠️
Saturation — most institutions already know this story
5 → 3 → 3 → 1 → 2 new funds/Q
New funds entering each quarter: 3 → 3 → 1 → 2. 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.
📊
Mixed cohorts — 22% veterans, 33% new entrants
■ 22% veterans
■ 44% 1-2yr
■ 33% new
Of 9 current holders: 2 (22%) held 2+ years, 4 held 1–2 years, 3 (33%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 1% AUM from top-100
1% from top-100 AUM funds
3 of 9 holders rank in the top 100 by AUM, but together hold only 1% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.