Based on 73 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added SEAT 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 54% of 3.0Y high
54% of all-time peak
Only 73 funds hold SEAT today versus a peak of 135 funds at 2023 Q4 — just 54% 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 — 37% fewer funds vs a year ago
fund count last 6Q
43 fewer hedge funds hold SEAT compared to a year ago (-37% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 52% buying
42 buying39 selling
Last quarter: 42 funds bought or added vs 39 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
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Steady new buyers — ~23 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 20 → 10 → 19 → 23. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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47% of holders stayed for 2+ years
■ 47% conviction (2yr+)
■ 29% medium
■ 25% new
34 out of 73 hedge funds have held SEAT 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.
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Buying through price weakness — shares +110%, value -54%
Last quarter: funds added +110% more shares while total portfolio value only changed -54%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
21 → 20 → 10 → 19 → 23 new funds/Q
New funds entering each quarter: 20 → 10 → 19 → 23. A growing number of institutions are discovering SEAT each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 52% of holders stayed 2+ years
■ 52% veterans
■ 15% 1-2yr
■ 33% new
Of 73 current holders: 38 (52%) 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.
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Smaller funds dominant — 2% AUM from top-100
2% from top-100 AUM funds
18 of 73 holders rank in the top 100 by AUM, but together hold only 2% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.