Based on 24 hedge funds · latest filing: 2009 Q2 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed this position than added to it. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams deciding to exit.
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Below peak — only 23% of 3.0Y high
23% of all-time peak
Only 24 funds hold this stock today versus a peak of 105 funds at 2007 Q4 — just 23% 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 — 69% fewer funds vs a year ago
fund count last 6Q
53 fewer hedge funds hold this stock compared to a year ago (-69% decline). When institutions consistently reduce exposure, it's worth asking what they know that retail investors don't.
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Heavy selling pressure — only 13% buying
8 buying52 selling
Last quarter: 52 funds sold vs only 8 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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Fewer new buyers each quarter (-14 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 7 → 2 → 15 → 1. 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.
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Price up while funds trimmed (+110% value, -82% shares)
Last quarter: total value of institutional SIRF holdings rose +110% even though funds reduced share count by 82%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Steady discovery — ~1 new funds/quarter
15 → 7 → 2 → 15 → 1 new funds/Q
New funds entering each quarter: 7 → 2 → 15 → 1. Consistent flow of new institutional buyers without clear acceleration or slowdown.
Exit risk score 1.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.