Based on 1 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their SONN 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 4% of 1.5Y high
4% of all-time peak
Only 1 funds hold SONN today versus a peak of 28 funds at 2025 Q3 — just 4% 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 — 89% fewer funds vs a year ago
fund count last 6Q
8 fewer hedge funds hold SONN compared to a year ago (-89% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 3% buying
1 buying28 selling
Last quarter: 28 funds sold vs only 1 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-21 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 2 → 2 → 22 → 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.
🔄
Mostly new holders — 100% entered in last year
■ 0% conviction (2yr+)
■ 0% medium
■ 100% 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 — ~1 new funds/quarter
7 → 2 → 2 → 22 → 1 new funds/Q
New funds entering each quarter: 2 → 2 → 22 → 1. 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 1 current holders: 1 (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.
📋
Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
0 of 1 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.
6.3
out of 10
Moderate Exit Risk
Exit risk score 6.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.