Based on 13 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 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 57% of 2.5Y high
57% of all-time peak
Only 13 funds hold RDAC today versus a peak of 23 funds at 2024 Q4 — just 57% 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
10 fewer hedge funds hold RDAC 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 27% buying
4 buying11 selling
Last quarter: 11 funds sold vs only 4 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 → 2 → 3 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 23% entered in last year
■ 8% conviction (2yr+)
■ 69% medium
■ 23% new
Only 1 funds (8%) 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 -41%, value -99%
Last quarter: funds added -41% more shares while total portfolio value only changed -99%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~1 new funds/quarter
22 → 2 → 2 → 3 → 1 new funds/Q
New funds entering each quarter: 2 → 2 → 3 → 1. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 92% of holders entered in last year
■ 8% veterans
■ 0% 1-2yr
■ 92% new
Of 13 current holders: 12 (92%) entered in the past year, only 1 (8%) 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.
📋
Smaller funds dominant — 5% AUM from top-100
5% from top-100 AUM funds
3 of 13 holders rank in the top 100 by AUM, but together hold only 5% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.