Based on 19 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 LSAT 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 61% of 3.0Y high
61% of all-time peak
Only 19 funds hold LSAT today versus a peak of 31 funds at 2024 Q4 — just 61% 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 — 39% fewer funds vs a year ago
fund count last 6Q
12 fewer hedge funds hold LSAT compared to a year ago (-39% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 32% buying
7 buying15 selling
Last quarter: 15 funds sold vs only 7 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 3 → 6 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 16% medium
■ 21% new
12 out of 19 hedge funds have held LSAT 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 -21%, value -60%
Last quarter: funds added -21% more shares while total portfolio value only changed -60%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~2 new funds/quarter
4 → 1 → 3 → 6 → 2 new funds/Q
New funds entering each quarter: 1 → 3 → 6 → 2. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 74% veterans vs 16% newcomers
■ 74% veterans
■ 11% 1-2yr
■ 16% new
Entry-cohort mix of 19 holders: 14 (74%) are 2+ year veterans, 2 entered 1–2 years ago, and 3 (16%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 68% AUM from top-100 funds
68% from top-100 AUM funds
3 of 19 holders are among the 100 largest funds by AUM, controlling 68% of total institutional value in LSAT. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 2.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.