Based on 28 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 SPNS 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 17% of 3.0Y high
17% of all-time peak
Only 28 funds hold SPNS today versus a peak of 165 funds at 2025 Q1 — just 17% 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.
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Outflows — 82% fewer funds vs a year ago
fund count last 6Q
132 fewer hedge funds hold SPNS compared to a year ago (-82% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 9% buying
15 buying143 selling
Last quarter: 143 funds sold vs only 15 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-48 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 20 → 14 → 53 → 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.
📌
Mixed — 32% long-term, 36% new
■ 32% conviction (2yr+)
■ 32% medium
■ 36% new
Of the 28 current holders: 9 (32%) held >2 years, 9 held 1–2 years, and 10 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.
➡️
Steady discovery — ~5 new funds/quarter
21 → 20 → 14 → 53 → 5 new funds/Q
New funds entering each quarter: 20 → 14 → 53 → 5. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 39% veterans, 43% new entrants
■ 39% veterans
■ 18% 1-2yr
■ 43% new
Of 28 current holders: 11 (39%) held 2+ years, 5 held 1–2 years, 12 (43%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
0 of 28 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.
Exit risk score 2.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.