Based on 40 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 ALTL 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 57% of 3.0Y high
57% of all-time peak
Only 40 funds hold ALTL today versus a peak of 70 funds at 2023 Q2 — just 57% 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.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding ALTL is almost the same as a year ago (-1 funds, -2% change). No significant rush to buy or sell — institutional backing is holding steady.
🔴
Heavy selling pressure — only 27% buying
10 buying27 selling
Last quarter: 27 funds sold vs only 10 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 6 → 6 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
78% of holders stayed for 2+ years
■ 78% conviction (2yr+)
■ 12% medium
■ 10% new
31 out of 40 hedge funds have held ALTL 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.
📊
Peak discovery — momentum slowing
3 → 5 → 6 → 6 → 2 new funds/Q
New funds entering each quarter: 5 → 6 → 6 → 2. ALTL is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 80% veterans vs 12% newcomers
■ 80% veterans
■ 8% 1-2yr
■ 12% new
Entry-cohort mix of 40 holders: 32 (80%) are 2+ year veterans, 3 entered 1–2 years ago, and 5 (12%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 39% AUM from major funds
39% from top-100 AUM funds
10 of 39 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.