Based on 8 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 SMST 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 62% of 1.0Y high
62% of all-time peak
Only 8 funds hold SMST today versus a peak of 13 funds at 2025 Q4 — just 62% 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.
🔴
Heavy selling pressure — only 33% buying
6 buying12 selling
Last quarter: 12 funds sold vs only 6 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 6 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 38% long-term, 38% new
■ 38% conviction (2yr+)
■ 25% medium
■ 38% new
Of the 8 current holders: 3 (38%) held >2 years, 2 held 1–2 years, and 3 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💎
Buying through price weakness — shares -32%, value -54%
Last quarter: funds added -32% 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.
➡️
Steady discovery — ~2 new funds/quarter
1 → 6 → 2 new funds/Q
New funds entering each quarter: 1 → 6 → 2. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 100% of holders entered in last year
■ 0% veterans
■ 0% 1-2yr
■ 100% new
Of 13 current holders: 13 (100%) entered in the past year, only 0 (0%) 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.
🏆
Elite ownership — 80% AUM from top-100 funds
80% from top-100 AUM funds
3 of 7 holders are among the 100 largest funds by AUM, controlling 80% of total institutional value in SMST. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.