Based on 4 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 UPAR 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 40% of 3.0Y high
40% of all-time peak
Only 4 funds hold UPAR today versus a peak of 10 funds at 2023 Q4 — just 40% 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.
📉
Outflows — 33% fewer funds vs a year ago
fund count last 6Q
2 fewer hedge funds hold UPAR compared to a year ago (-33% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟢
More buyers than sellers — 67% buying
4 buying2 selling
Last quarter: 4 funds were net buyers (1 opened a brand new position + 3 added to an existing one). Only 2 were sellers (0 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 0 → 3 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 25% long-term, 75% new
■ 25% conviction (2yr+)
■ 0% medium
■ 75% new
Of the 4 current holders: 1 (25%) held >2 years, 0 held 1–2 years, and 3 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 — ~1 new funds/quarter
1 → 1 → 0 → 3 → 1 new funds/Q
New funds entering each quarter: 1 → 0 → 3 → 1. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 75% of holders entered in last year
■ 25% veterans
■ 0% 1-2yr
■ 75% new
Of 4 current holders: 3 (75%) entered in the past year, only 1 (25%) 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 — 0% AUM from top-100
0% from top-100 AUM funds
0 of 4 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.