Based on 90 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 AIRS 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 (98% of max)
98% of all-time peak
90 hedge funds hold AIRS right now — the highest count in 3.0 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.
🚀
Fast accumulation — +32% more funds vs a year ago
fund count last 6Q
+22 new funds entered over the past year (+32% 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.
🟠
More sellers than buyers — 47% buying
50 buying57 selling
Last quarter: 57 funds reduced or exited vs 50 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~25 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 29 → 20 → 22 → 25. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 39% long-term, 31% new
■ 39% conviction (2yr+)
■ 30% medium
■ 31% new
Of the 90 current holders: 35 (39%) held >2 years, 27 held 1–2 years, and 28 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.
💎
Buying through price weakness — shares -6%, value -100%
Last quarter: funds added -6% more shares while total portfolio value only changed -100%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~25 new funds/quarter
18 → 29 → 20 → 22 → 25 new funds/Q
New funds entering each quarter: 29 → 20 → 22 → 25. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 54% veterans vs 37% newcomers
■ 54% veterans
■ 9% 1-2yr
■ 37% new
Entry-cohort mix of 97 holders: 52 (54%) are 2+ year veterans, 9 entered 1–2 years ago, and 36 (37%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 8% AUM from top-100
8% from top-100 AUM funds
29 of 89 holders rank in the top 100 by AUM, but together hold only 8% 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.