Based on 178 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 RR positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (99% of max)
99% of all-time peak
178 hedge funds hold RR right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀
Fast accumulation — +218% more funds vs a year ago
fund count last 6Q
+122 new funds entered over the past year (+218% 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.
🟡
Slight buying edge — 57% buying
119 buying89 selling
Last quarter: 119 funds bought or added vs 89 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.
⚠️
Fewer new buyers each quarter (-14 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 37 → 77 → 65 → 51. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔄
Mostly new holders — 61% entered in last year
■ 3% conviction (2yr+)
■ 35% medium
■ 61% new
Only 6 funds (3%) 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 +20%, value -23%
Last quarter: funds added +20% more shares while total portfolio value only changed -23%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~51 new funds/quarter
36 → 37 → 77 → 65 → 51 new funds/Q
New funds entering each quarter: 37 → 77 → 65 → 51. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 82% of holders entered in last year
■ 4% veterans
■ 14% 1-2yr
■ 82% new
Of 187 current holders: 153 (82%) entered in the past year, only 8 (4%) 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 — 39% AUM from major funds
39% from top-100 AUM funds
44 of 178 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
6.3
out of 10
Moderate Exit Risk
Exit risk score 6.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.