Based on 15 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added SPMC 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.
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High ownership — 94% of 2.2Y peak
94% of all-time peak
15 funds currently hold this stock — 94% of the 2.2-year high of 16 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +15% more funds vs a year ago
fund count last 6Q
+2 new funds entered over the past year (+15% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction. The peak was reached in just 3 quarters from the low — a sharp move.
🟢
More buyers than sellers — 60% buying
9 buying6 selling
Last quarter: 9 funds were net buyers (6 opened a brand new position + 3 added to an existing one). Only 6 were sellers (4 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 3 → 2 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 40% entered in last year
■ 7% conviction (2yr+)
■ 53% medium
■ 40% new
Only 1 funds (7%) 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 — ~6 new funds/quarter
2 → 4 → 3 → 2 → 6 new funds/Q
New funds entering each quarter: 4 → 3 → 2 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 60% of holders entered in last year
■ 0% veterans
■ 40% 1-2yr
■ 60% new
Of 15 current holders: 9 (60%) 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.
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Smaller funds dominant — 8% AUM from top-100
8% from top-100 AUM funds
4 of 15 holders rank in the top 100 by AUM, but together hold only 8% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.