Based on 45 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added EARN than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
🔻
Below peak — only 62% of 3.0Y high
62% of all-time peak
Only 45 funds hold EARN today versus a peak of 73 funds at 2025 Q1 — just 62% 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 — 38% fewer funds vs a year ago
fund count last 6Q
28 fewer hedge funds hold EARN compared to a year ago (-38% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More sellers than buyers — 49% buying
20 buying21 selling
Last quarter: 21 funds reduced or exited vs 20 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 — ~10 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 2 → 15 → 10. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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47% of holders stayed for 2+ years
■ 47% conviction (2yr+)
■ 31% medium
■ 22% new
21 out of 45 hedge funds have held EARN 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.
➡️
Steady discovery — ~10 new funds/quarter
18 → 5 → 2 → 15 → 10 new funds/Q
New funds entering each quarter: 5 → 2 → 15 → 10. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 48% veterans vs 30% newcomers
■ 48% veterans
■ 22% 1-2yr
■ 30% new
Entry-cohort mix of 46 holders: 22 (48%) are 2+ year veterans, 10 entered 1–2 years ago, and 14 (30%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 28% AUM from major funds
28% from top-100 AUM funds
12 of 45 holders rank in the top 100 by AUM, accounting for 28% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 1.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.