Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

RESEARCH FRONTIERS INC (REFR)

35 + Investors. Track Smart Money conviction in REFR. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +5
Streak
1Q ▲
Buyers last Q
61%

Smart Money Signals — REFR

Based on 35 hedge funds · latest filing: 2025 Q4 · updated quarterly

📈

Buying streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds added REFR than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
🏔️

At the ownership peak (100% of max)

100% of all-time peak
35 hedge funds hold REFR right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
📶

Steady growth — +17% more funds vs a year ago

fund count last 6Q
+5 new funds entered over the past year (+17% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢

More buyers than sellers — 61% buying

19 buying12 selling
Last quarter: 19 funds were net buyers (8 opened a brand new position + 11 added to an existing one). Only 12 were sellers (9 trimmed + 3 sold completely). A clear majority buying is a strong confirmation signal.
➡️

Steady new buyers — ~8 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 5 → 1 → 3 → 8. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

60% of holders stayed for 2+ years

■ 60% conviction (2yr+) ■ 26% medium ■ 14% new
21 out of 35 hedge funds have held REFR 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 — ~8 new funds/quarter

6 → 5 → 1 → 3 → 8 new funds/Q
New funds entering each quarter: 5 → 1 → 3 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️

Deep conviction — 68% of holders stayed 2+ years

■ 68% veterans ■ 11% 1-2yr ■ 21% new
Of 38 current holders: 26 (68%) 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.
✅

Strong quality — 39% AUM from major funds

39% from top-100 AUM funds
11 of 35 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
3.5
out of 10
Low Exit Risk
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — REFR

In 2025 Q4, 19 hedge funds were net buyers of REFR (8 opened a new position, 11 added to an existing one), while 12 reduced or exited (9 trimmed, 3 sold completely) — a 61% buyer ratio, indicating clear institutional accumulation. 39% of total institutional value in REFR is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: +5 funds (more new holders than closures). Total institutional holders: 35.

Hedge Fund Ownership: REFR

How many hedge funds hold REFR — quarterly history vs. share price
Quarterly hedge fund ownership of REFR vs. share price

Market Analysis: REFR

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: REFR

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Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

3 top-rated funds 0 high-conviction
Consensus
2.6
/ 10
breadth
×
Elite
0.0
/ 10
conviction
Hedge Fund Positioning: REFR
2026 Q1 Stats Unlock in 5 days 35 + Investors

Track Smart Money conviction in REFR. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2025 Q4) Prior (2025 Q3) Change
Funds Holding 35 30 16.67%
13F Shares 4M 4M -7.8%
Total Value $6M $7M -14.87%
New Positions 8 3 +5
Increased Positions 10 7 +3
Closed Positions 3 3 -
Reduced Positions 8 6 +2
Total Calls 3 2 50.0%
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: REFR

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Institutional Holders (2026 Q1)

35 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in REFR. Verified SEC 13F-HR filings.

QUARTER:
Top 25 institutional holders of REFR — 2025 Q4 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 MGO ONE SEVEN LLC 0.02% 918,182 $828K
2 FreeGulliver LLC 0.01% 20,000 $18K
3 SHUFRO ROSE & CO LLC 0.01% 97,500 $90K
4 Farrell Financial LLC 0.01% 10,457 $9K
5 TWO SIGMA SECURITIES, LLC 0.00% 15,809 $15K
6 Kingsview Wealth Management, LLC 0.00% 44,950 $41K
7 XTX Topco Ltd 0.00% 32,970 $30K
8 Focus Partners Wealth 0.00% 496,422 $457K
9 HM PAYSON & CO 0.00% 20,000 $18K
10 Tower Research Capital LLC (TRC) 0.00% 6,055 $6K
11 Focus Partners Advisor Solutions, LLC 0.00% 14,091 $13K
12 RENAISSANCE TECHNOLOGIES LLC 0.00% 68,300 $63K
13 Fairman Group, LLC 0.00% 125 —
14 Schonfeld Strategic Advisors LLC 0.00% 13,857 $13K
15 HB Wealth Management, LLC 0.00% 10,000 $9K
16 VANGUARD FIDUCIARY TRUST CO 0.00% 177,030 $160K
17 MERCER GLOBAL ADVISORS INC /ADV 0.00% 14,000 $13K
18 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% 156,786 $141K
19 VANGUARD CAPITAL MANAGEMENT LLC 0.00% 568,154 $512K
20 BlackRock, Inc. 0.00% 608,398 $560K
21 MAI Capital Management 0.00% 1,500 $1K
22 OSAIC HOLDINGS, INC. 0.00% 4,000 $4K
23 RAYMOND JAMES FINANCIAL INC 0.00% 17,880 $16K
24 GOLDMAN SACHS GROUP INC 0.00% 18,506 $17K
25 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% 15,000 $14K
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — RESEARCH FRONTIERS INC (REFR)

What does the Smart Money Trend signal show for REFR?

Buying streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds added REFR than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

What is the institutional breadth score for REFR?

More buyers than sellers — 61% buying: Last quarter: 19 funds were net buyers (8 opened a brand new position + 11 added to an existing one). Only 12 were sellers (9 trimmed + 3 sold completely). A clear majority buying is a strong confirmation signal.

What is the fund quality score for REFR holders?

Strong quality — 39% AUM from major funds: 11 of 35 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held REFR?

60% of holders stayed for 2+ years: 21 out of 35 hedge funds have held REFR 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.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.