Based on 151 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 BOW 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 — 93% of 3.0Y peak
93% of all-time peak
151 funds currently hold this stock — 93% of the 3.0-year high of 163 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +5% more funds vs a year ago
fund count last 6Q
+7 new funds entered over the past year (+5% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 42% buying
69 buying95 selling
Last quarter: 95 funds reduced or exited vs 69 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 (-8 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 29 → 30 → 35 → 27. 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.
📌
Mixed — 25% long-term, 32% new
■ 25% conviction (2yr+)
■ 43% medium
■ 32% new
Of the 151 current holders: 37 (25%) held >2 years, 65 held 1–2 years, and 49 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 +0%, value -23%
Last quarter: funds added +0% more shares while total portfolio value only changed -23%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~27 new funds/quarter
39 → 29 → 30 → 35 → 27 new funds/Q
New funds entering each quarter: 29 → 30 → 35 → 27. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 27% veterans, 43% new entrants
■ 27% veterans
■ 30% 1-2yr
■ 43% new
Of 151 current holders: 41 (27%) held 2+ years, 45 held 1–2 years, 65 (43%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 24% AUM from major funds
24% from top-100 AUM funds
36 of 150 holders rank in the top 100 by AUM, accounting for 24% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.