Based on 20 hedge funds · latest filing: 2025 Q4 · updated quarterly
➡️
No change last quarter
The number of hedge funds holding this stock didn't change last quarter. Neither a buying nor selling signal on its own — watch the next quarter for direction.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
20 hedge funds hold SPAI right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀
Fast accumulation — +400% more funds vs a year ago
fund count last 6Q
+16 new funds entered over the past year (+400% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 68% buying
15 buying7 selling
Last quarter: 15 funds were net buyers (5 opened a brand new position + 10 added to an existing one). Only 7 were sellers (2 trimmed + 5 sold completely). A clear majority buying is a strong confirmation signal.
⚠️
Fewer new buyers each quarter (-11 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 3 → 1 → 16 → 5. 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 — 80% entered in last year
■ 5% conviction (2yr+)
■ 15% medium
■ 80% new
Only 1 funds (5%) 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.
💎
Buying through price weakness — shares +62%, value -5%
Last quarter: funds added +62% more shares while total portfolio value only changed -5%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~5 new funds/quarter
2 → 3 → 1 → 16 → 5 new funds/Q
New funds entering each quarter: 3 → 1 → 16 → 5. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 85% of holders entered in last year
■ 5% veterans
■ 10% 1-2yr
■ 85% new
Of 20 current holders: 17 (85%) entered in the past year, only 1 (5%) 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.
✅
Strong quality — 23% AUM from major funds
23% from top-100 AUM funds
10 of 20 holders rank in the top 100 by AUM, accounting for 23% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 7.0/10 — multiple crowding signals converge. Institutional ownership is at 100% of its all-time high — near peak crowding. Crowded trades can unwind fast — a single catalyst can trigger a cascade.