Based on 14 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added SDA 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.
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Below peak — only 56% of 3.0Y high
56% of all-time peak
Only 14 funds hold SDA today versus a peak of 25 funds at 2025 Q1 — 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
11 fewer hedge funds hold SDA compared to a year ago (-44% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More buyers than sellers — 67% buying
10 buying5 selling
Last quarter: 10 funds were net buyers (9 opened a brand new position + 1 added to an existing one). Only 5 were sellers (1 trimmed + 4 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+8 vs last Q)
new funds entering per quarter
Funds opening a new SDA position: 3 → 0 → 1 → 9. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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Mostly new holders — 21% entered in last year
■ 14% conviction (2yr+)
■ 64% medium
■ 21% new
Only 2 funds (14%) 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.
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Buying through price weakness — shares +26%, value +6%
Last quarter: funds added +26% more shares while total portfolio value only changed +6%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~9 new funds/quarter
10 → 3 → 0 → 1 → 9 new funds/Q
New funds entering each quarter: 3 → 0 → 1 → 9. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 29% veterans, 29% new entrants
■ 29% veterans
■ 43% 1-2yr
■ 29% new
Of 14 current holders: 4 (29%) held 2+ years, 6 held 1–2 years, 4 (29%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 20% AUM from major funds
20% from top-100 AUM funds
5 of 14 holders rank in the top 100 by AUM, accounting for 20% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 1.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.