Based on 26 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 XNOV positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 90% of 2.5Y peak
90% of all-time peak
26 funds currently hold this stock — 90% of the 2.5-year high of 29 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +18% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+18% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🔴
Heavy selling pressure — only 38% buying
8 buying13 selling
Last quarter: 13 funds sold vs only 8 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 3 → 1 → 8 → 1. 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.
📌
Mixed — 35% long-term, 23% new
■ 35% conviction (2yr+)
■ 42% medium
■ 23% new
Of the 26 current holders: 9 (35%) held >2 years, 11 held 1–2 years, and 6 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
2 → 3 → 1 → 8 → 1 new funds/Q
New funds entering each quarter: 3 → 1 → 8 → 1. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 23% veterans, 23% new entrants
■ 23% veterans
■ 54% 1-2yr
■ 23% new
Of 26 current holders: 6 (23%) held 2+ years, 14 held 1–2 years, 6 (23%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 6% AUM from top-100
6% from top-100 AUM funds
4 of 26 holders rank in the top 100 by AUM, but together hold only 6% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.1
out of 10
Moderate Exit Risk
Exit risk score 4.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.