Based on 58 hedge funds · latest filing: 2023 Q2 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed this position than added to it. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams deciding to exit.
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Below peak — only 60% of 3.0Y high
60% of all-time peak
Only 58 funds hold this stock today versus a peak of 97 funds at 2021 Q4 — just 60% 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 — 23% fewer funds vs a year ago
fund count last 6Q
17 fewer hedge funds hold this stock compared to a year ago (-23% decline). When institutions consistently reduce exposure, it's worth asking what they know that retail investors don't.
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Heavy selling pressure — only 38% buying
20 buying33 selling
Last quarter: 33 funds sold vs only 20 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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More new buyers each quarter (+11 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 9 → 13 → 3 → 14. A growing number of new institutional buyers means the stock is still being discovered — the opportunity hasn't been fully priced in.
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Price up while funds trimmed (+1210% value, -28% shares)
Last quarter: total value of institutional SURF holdings rose +1210% even though funds reduced share count by 28%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Peak discovery — momentum slowing
15 → 9 → 13 → 3 → 14 new funds/Q
New funds entering each quarter: 9 → 13 → 3 → 14. The stock is well-known in the hedge fund world but new entries are declining. The easy phase of institutional discovery may be behind us.
Exit risk score 1.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.