Based on 10 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their RDAC 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 2.8Y high
43% of all-time peak
Only 10 funds hold RDAC today versus a peak of 23 funds at 2024 Q4 — 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 — 50% fewer funds vs a year ago
fund count last 6Q
10 fewer hedge funds hold RDAC compared to a year ago (-50% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 38% buying
3 buying5 selling
Last quarter: 5 funds sold vs only 3 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 3 → 1 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 10% entered in last year
■ 10% conviction (2yr+)
■ 80% medium
■ 10% new
Only 1 funds (10%) 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 -2%, value -20%
Last quarter: funds added -2% more shares while total portfolio value only changed -20%. 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
2 → 2 → 3 → 1 → 1 new funds/Q
New funds entering each quarter: 2 → 3 → 1 → 1. 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 — 10% veterans, 20% new entrants
■ 10% veterans
■ 70% 1-2yr
■ 20% new
Of 10 current holders: 1 (10%) held 2+ years, 7 held 1–2 years, 2 (20%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 9% AUM from top-100
9% from top-100 AUM funds
4 of 10 holders rank in the top 100 by AUM, but together hold only 9% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.