Based on 20 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their QSG 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 56% of 3.0Y high
56% of all-time peak
Only 20 funds hold QSG today versus a peak of 36 funds at 2025 Q2 — just 56% 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 — +54% more funds vs a year ago
fund count last 6Q
+7 new funds entered over the past year (+54% 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.
🟠
More sellers than buyers — 42% buying
8 buying11 selling
Last quarter: 11 funds reduced or exited vs 8 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 — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 27 → 8 → 1 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 25% entered in last year
■ 15% conviction (2yr+)
■ 60% medium
■ 25% new
Only 3 funds (15%) 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 -17%, value -51%
Last quarter: funds added -17% more shares while total portfolio value only changed -51%. 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
6 → 27 → 8 → 1 → 4 new funds/Q
New funds entering each quarter: 27 → 8 → 1 → 4. 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 — 65% of holders entered in last year
■ 20% veterans
■ 15% 1-2yr
■ 65% new
Of 20 current holders: 13 (65%) entered in the past year, only 4 (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.
✅
Strong quality — 28% AUM from major funds
28% from top-100 AUM funds
8 of 20 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 1.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.