Based on 161 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 ARMN 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
161 hedge funds hold ARMN 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 — +89% more funds vs a year ago
fund count last 6Q
+76 new funds entered over the past year (+89% 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 — 44% buying
78 buying100 selling
Last quarter: 100 funds reduced or exited vs 78 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.
⚠️
Fewer new buyers each quarter (-13 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 22 → 54 → 43 → 30. 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.
🔄
Mostly new holders — 43% entered in last year
■ 24% conviction (2yr+)
■ 32% medium
■ 43% new
Only 39 funds (24%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
➡️
Steady discovery — ~30 new funds/quarter
21 → 22 → 54 → 43 → 30 new funds/Q
New funds entering each quarter: 22 → 54 → 43 → 30. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 27% veterans, 52% new entrants
■ 27% veterans
■ 20% 1-2yr
■ 52% new
Of 166 current holders: 45 (27%) held 2+ years, 34 held 1–2 years, 87 (52%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 42% AUM from top-100 funds
42% from top-100 AUM funds
38 of 160 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in ARMN. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
5.3
out of 10
Moderate Exit Risk
Exit risk score 5.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.