Based on 46 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their AREN 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 — 85% of 3.0Y peak
85% of all-time peak
46 funds currently hold this stock — 85% of the 3.0-year high of 54 funds (reached 2026 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding AREN is almost the same as a year ago (-1 funds, -2% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠
More sellers than buyers — 44% buying
30 buying38 selling
Last quarter: 38 funds reduced or exited vs 30 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 — ~16 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 8 → 7 → 12 → 16. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 37% long-term, 46% new
■ 37% conviction (2yr+)
■ 17% medium
■ 46% new
Of the 46 current holders: 17 (37%) held >2 years, 8 held 1–2 years, and 21 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 -24%, value -71%
Last quarter: funds added -24% more shares while total portfolio value only changed -71%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
🚀
Acceleration phase — new buyers rushing in
28 → 8 → 7 → 12 → 16 new funds/Q
New funds entering each quarter: 8 → 7 → 12 → 16. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️
Veteran-anchored — 49% veterans vs 45% newcomers
■ 49% veterans
■ 6% 1-2yr
■ 45% new
Entry-cohort mix of 47 holders: 23 (49%) are 2+ year veterans, 3 entered 1–2 years ago, and 21 (45%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 35% AUM from major funds
35% from top-100 AUM funds
20 of 45 holders rank in the top 100 by AUM, accounting for 35% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.