Based on 102 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added SPIR 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
102 hedge funds hold SPIR 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 — +26% more funds vs a year ago
fund count last 6Q
+21 new funds entered over the past year (+26% 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.
🟡
Slight buying edge — 56% buying
60 buying47 selling
Last quarter: 60 funds bought or added vs 47 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.
➡️
Steady new buyers — ~21 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 23 → 22 → 17 → 21. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 26% long-term, 25% new
■ 26% conviction (2yr+)
■ 48% medium
■ 25% new
Of the 102 current holders: 27 (26%) held >2 years, 49 held 1–2 years, and 26 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 -1%, value -32%
Last quarter: funds added -1% more shares while total portfolio value only changed -32%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
19 → 23 → 22 → 17 → 21 new funds/Q
New funds entering each quarter: 23 → 22 → 17 → 21. SPIR is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
📊
Mixed cohorts — 31% veterans, 37% new entrants
■ 31% veterans
■ 32% 1-2yr
■ 37% new
Of 110 current holders: 34 (31%) held 2+ years, 35 held 1–2 years, 41 (37%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 29% AUM from major funds
29% from top-100 AUM funds
22 of 102 holders rank in the top 100 by AUM, accounting for 29% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.