Based on 14 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds reduced or closed their DRN 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 52% of 3.0Y high
52% of all-time peak
Only 14 funds hold DRN today versus a peak of 27 funds at 2025 Q1 — just 52% 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.
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Outflows — 48% fewer funds vs a year ago
fund count last 6Q
13 fewer hedge funds hold DRN compared to a year ago (-48% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 42% buying
8 buying11 selling
Last quarter: 11 funds reduced or exited vs 8 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 — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 2 → 0 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
71% of holders stayed for 2+ years
■ 71% conviction (2yr+)
■ 14% medium
■ 14% new
10 out of 14 hedge funds have held DRN 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.
⚠️
Saturation — most institutions already know this story
9 → 2 → 2 → 0 → 2 new funds/Q
New funds entering each quarter: 2 → 2 → 0 → 2. 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.
🏛️
Veteran-anchored — 75% veterans vs 6% newcomers
■ 75% veterans
■ 19% 1-2yr
■ 6% new
Entry-cohort mix of 16 holders: 12 (75%) are 2+ year veterans, 3 entered 1–2 years ago, and 1 (6%) 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
3 of 12 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 1.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.