Based on 17 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their ASPSZ 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 — 81% of 2.8Y peak
81% of all-time peak
17 funds currently hold this stock — 81% of the 2.8-year high of 21 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀
Fast accumulation — +1600% more funds vs a year ago
fund count last 6Q
+16 new funds entered over the past year (+1600% 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.
🔴
Heavy selling pressure — only 36% buying
5 buying9 selling
Last quarter: 9 funds sold vs only 5 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 19 → 4 → 1 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 35% entered in last year
■ 6% conviction (2yr+)
■ 59% medium
■ 35% new
Only 1 funds (6%) 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.
💎
Buying through price weakness — shares +58%, value -2%
Last quarter: funds added +58% more shares while total portfolio value only changed -2%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
⚠️
Saturation — most institutions already know this story
0 → 19 → 4 → 1 → 4 new funds/Q
New funds entering each quarter: 19 → 4 → 1 → 4. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
🌱
Early stage — 88% of holders entered in last year
■ 12% veterans
■ 0% 1-2yr
■ 88% new
Of 17 current holders: 15 (88%) entered in the past year, only 2 (12%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
🏆
Elite ownership — 44% AUM from top-100 funds
44% from top-100 AUM funds
7 of 17 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in ASPSZ. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.2
out of 10
Moderate Exit Risk
Exit risk score 4.2/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.