Based on 15 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds reduced or closed their TTE 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 2% of 3.0Y high
2% of all-time peak
Only 15 funds hold TTE today versus a peak of 804 funds at 2025 Q1 — just 2% 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 — 98% fewer funds vs a year ago
fund count last 6Q
776 fewer hedge funds hold TTE compared to a year ago (-98% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 25% buying
5 buying15 selling
Last quarter: 15 funds sold vs only 5 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 90 → 6 → 6 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 20% medium
■ 27% new
8 out of 15 hedge funds have held TTE for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
⚠️
Saturation — most institutions already know this story
85 → 90 → 6 → 6 → 4 new funds/Q
New funds entering each quarter: 90 → 6 → 6 → 4. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
🏛️
Veteran-anchored — 67% veterans vs 20% newcomers
■ 67% veterans
■ 13% 1-2yr
■ 20% new
Entry-cohort mix of 15 holders: 10 (67%) are 2+ year veterans, 2 entered 1–2 years ago, and 3 (20%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
0 of 15 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 1.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.