Based on 18 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 TECS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (95% of max)
95% of all-time peak
18 hedge funds hold TECS right now — the highest count in 1.5 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.
📶
Steady growth — +20% more funds vs a year ago
fund count last 6Q
+3 new funds entered over the past year (+20% 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 2 quarters from the low — a sharp move.
🟡
Slight buying edge — 54% buying
15 buying13 selling
Last quarter: 15 funds bought or added vs 13 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 — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 7 → 3 → 11 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 56% entered in last year
■ 17% conviction (2yr+)
■ 28% medium
■ 56% new
Only 3 funds (17%) 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.
💰
Value +56% but shares only +40% — price-driven
Last quarter: the total dollar value of institutional holdings rose +56%, but actual share count only changed +40%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
➡️
Steady discovery — ~7 new funds/quarter
5 → 7 → 3 → 11 → 7 new funds/Q
New funds entering each quarter: 7 → 3 → 11 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 0% veterans, 41% new entrants
■ 0% veterans
■ 59% 1-2yr
■ 41% new
Of 22 current holders: 0 (0%) held 2+ years, 13 held 1–2 years, 9 (41%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 90% AUM from top-100 funds
90% from top-100 AUM funds
8 of 18 holders are among the 100 largest funds by AUM, controlling 90% of total institutional value in TECS. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.5
out of 10
Moderate Exit Risk
Exit risk score 4.5/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.