Based on 12 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their TBH 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 57% of 3.0Y high
57% of all-time peak
Only 12 funds hold TBH today versus a peak of 21 funds at 2025 Q4 — just 57% 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.
🚀
Fast accumulation — +71% more funds vs a year ago
fund count last 6Q
+5 new funds entered over the past year (+71% 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.
🔴
Heavy selling pressure — only 30% buying
7 buying16 selling
Last quarter: 16 funds sold vs only 7 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-10 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 5 → 4 → 14 → 4. 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 — 83% entered in last year
■ 0% conviction (2yr+)
■ 17% medium
■ 83% new
Only 0 funds (0%) 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 -10%, value -40%
Last quarter: funds added -10% more shares while total portfolio value only changed -40%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~4 new funds/quarter
7 → 5 → 4 → 14 → 4 new funds/Q
New funds entering each quarter: 5 → 4 → 14 → 4. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 83% of holders entered in last year
■ 17% veterans
■ 0% 1-2yr
■ 83% new
Of 12 current holders: 10 (83%) entered in the past year, only 2 (17%) 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.
📋
Smaller funds dominant — 10% AUM from top-100
10% from top-100 AUM funds
3 of 12 holders rank in the top 100 by AUM, but together hold only 10% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
5.9
out of 10
Moderate Exit Risk
Exit risk score 5.9/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.