Based on 10 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 NA 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 21% of 3.0Y high
21% of all-time peak
Only 10 funds hold NA today versus a peak of 47 funds at 2000 Q2 — just 21% 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.
🚀
Fast accumulation — +233% more funds vs a year ago
fund count last 6Q
+7 new funds entered over the past year (+233% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🔴
Heavy selling pressure — only 15% buying
2 buying11 selling
Last quarter: 11 funds sold vs only 2 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 9 → 4 → 5 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 50% entered in last year
■ 20% conviction (2yr+)
■ 30% medium
■ 50% new
Only 2 funds (20%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
💎
Buying through price weakness — shares +628%, value +582%
Last quarter: funds added +628% more shares while total portfolio value only changed +582%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
⚠️
Saturation — most institutions already know this story
0 → 9 → 4 → 5 → 1 new funds/Q
New funds entering each quarter: 9 → 4 → 5 → 1. 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.
🌱
Early stage — 60% of holders entered in last year
■ 20% veterans
■ 20% 1-2yr
■ 60% new
Of 10 current holders: 6 (60%) entered in the past year, only 2 (20%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
📋
Smaller funds dominant — 2% AUM from top-100
2% from top-100 AUM funds
6 of 10 holders rank in the top 100 by AUM, but together hold only 2% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.