Based on 8 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their SDA 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 32% of 3.0Y high
32% of all-time peak
Only 8 funds hold SDA today versus a peak of 25 funds at 2025 Q1 — just 32% 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.
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Outflows — 62% fewer funds vs a year ago
fund count last 6Q
13 fewer hedge funds hold SDA compared to a year ago (-62% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 31% buying
4 buying9 selling
Last quarter: 9 funds sold vs only 4 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 0 → 1 → 9 → 2. 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 — 12% entered in last year
■ 0% conviction (2yr+)
■ 88% medium
■ 12% new
Only 0 funds (0%) 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 -7%, value -56%
Last quarter: funds added -7% more shares while total portfolio value only changed -56%. 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
3 → 0 → 1 → 9 → 2 new funds/Q
New funds entering each quarter: 0 → 1 → 9 → 2. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 38% veterans, 0% new entrants
■ 38% veterans
■ 62% 1-2yr
■ 0% new
Of 8 current holders: 3 (38%) held 2+ years, 5 held 1–2 years, 0 (0%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 37% AUM from major funds
37% from top-100 AUM funds
3 of 8 holders rank in the top 100 by AUM, accounting for 37% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 1.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.