Based on 7 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their RNA 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 2% of 3.0Y high
2% of all-time peak
Only 7 funds hold RNA today versus a peak of 336 funds at 2025 Q4 — just 2% 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.
📉
Outflows — 97% fewer funds vs a year ago
fund count last 6Q
217 fewer hedge funds hold RNA compared to a year ago (-97% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 1% buying
5 buying332 selling
Last quarter: 332 funds sold vs only 5 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-144 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 25 → 85 → 147 → 3. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔄
Mostly new holders — 86% entered in last year
■ 0% conviction (2yr+)
■ 14% medium
■ 86% new
Only 0 funds (0%) 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.
➡️
Steady discovery — ~3 new funds/quarter
37 → 25 → 85 → 147 → 3 new funds/Q
New funds entering each quarter: 25 → 85 → 147 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 86% of holders entered in last year
■ 14% veterans
■ 0% 1-2yr
■ 86% new
Of 7 current holders: 6 (86%) entered in the past year, only 1 (14%) 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 — 0% AUM from top-100
0% from top-100 AUM funds
0 of 6 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.6
out of 10
Moderate Exit Risk
Exit risk score 4.6/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.