Based on 5 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their SNBR 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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Below peak — only 3% of 3.0Y high
3% of all-time peak
Only 5 funds hold SNBR today versus a peak of 146 funds at 2023 Q3 — just 3% 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 — 96% fewer funds vs a year ago
fund count last 6Q
113 fewer hedge funds hold SNBR compared to a year ago (-96% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 2% buying
3 buying118 selling
Last quarter: 118 funds sold vs only 3 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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Fewer new buyers each quarter (-25 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 33 → 22 → 26 → 1. 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.
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80% of holders stayed for 2+ years
■ 80% conviction (2yr+)
■ 20% medium
■ 0% new
4 out of 5 hedge funds have held SNBR for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
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Saturation — most institutions already know this story
24 → 33 → 22 → 26 → 1 new funds/Q
New funds entering each quarter: 33 → 22 → 26 → 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.
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Veteran-anchored — 86% veterans vs 0% newcomers
■ 86% veterans
■ 14% 1-2yr
■ 0% new
Entry-cohort mix of 7 holders: 6 (86%) are 2+ year veterans, 1 entered 1–2 years ago, and 0 (0%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 6% AUM from top-100
6% from top-100 AUM funds
2 of 5 holders rank in the top 100 by AUM, but together hold only 6% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.