Based on 47 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds reduced or closed their HOWL 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 65% of 3.0Y high
65% of all-time peak
Only 47 funds hold HOWL today versus a peak of 72 funds at 2024 Q4 — just 65% 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.
📉
Outflows — 34% fewer funds vs a year ago
fund count last 6Q
24 fewer hedge funds hold HOWL compared to a year ago (-34% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 41% buying
17 buying24 selling
Last quarter: 24 funds reduced or exited vs 17 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: 17 → 8 → 6 → 10. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 17% medium
■ 30% new
25 out of 47 hedge funds have held HOWL 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 -5%, value -97%
Last quarter: funds added -5% more shares while total portfolio value only changed -97%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
10 → 17 → 8 → 6 → 10 new funds/Q
New funds entering each quarter: 17 → 8 → 6 → 10. HOWL is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 55% veterans vs 30% newcomers
■ 55% veterans
■ 15% 1-2yr
■ 30% new
Entry-cohort mix of 47 holders: 26 (55%) are 2+ year veterans, 7 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.
📋
Smaller funds dominant — 9% AUM from top-100
9% from top-100 AUM funds
18 of 47 holders rank in the top 100 by AUM, but together hold only 9% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.