Based on 8 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their RAYD positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 73% of 3.0Y peak
73% of all-time peak
8 funds currently hold this stock — 73% of the 3.0-year high of 11 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding RAYD is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 50% buying
5 buying5 selling
Last quarter: 5 funds bought or added vs 5 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.
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Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 4 → 2 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 38% entered in last year
■ 12% conviction (2yr+)
■ 50% medium
■ 38% new
Only 1 funds (12%) 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.
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Peak discovery — momentum slowing
1 → 2 → 4 → 2 → 2 new funds/Q
New funds entering each quarter: 2 → 4 → 2 → 2. RAYD is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Mixed cohorts — 12% veterans, 38% new entrants
■ 12% veterans
■ 50% 1-2yr
■ 38% new
Of 8 current holders: 1 (12%) held 2+ years, 4 held 1–2 years, 3 (38%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 1% AUM from top-100
1% from top-100 AUM funds
2 of 8 holders rank in the top 100 by AUM, but together hold only 1% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.