Based on 100 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 ELMD 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 (99% of max)
99% of all-time peak
100 hedge funds hold ELMD 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.
📶
Steady growth — +4% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+4% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 55% buying
53 buying43 selling
Last quarter: 53 funds bought or added vs 43 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~19 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 20 → 13 → 20 → 19. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
43% of holders stayed for 2+ years
■ 43% conviction (2yr+)
■ 28% medium
■ 29% new
43 out of 100 hedge funds have held ELMD 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.
💎
Buying through price weakness — shares +1%, value -25%
Last quarter: funds added +1% more shares while total portfolio value only changed -25%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
20 → 20 → 13 → 20 → 19 new funds/Q
New funds entering each quarter: 20 → 13 → 20 → 19. A growing number of institutions are discovering ELMD each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 54% of holders stayed 2+ years
■ 54% veterans
■ 13% 1-2yr
■ 33% new
Of 101 current holders: 55 (54%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
✅
Strong quality — 26% AUM from major funds
26% from top-100 AUM funds
29 of 100 holders rank in the top 100 by AUM, accounting for 26% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.