Based on 3 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their SNV 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 1% of 3.0Y high
1% of all-time peak
Only 3 funds hold SNV today versus a peak of 484 funds at 2025 Q3 — just 1% 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.
📉
Outflows — 99% fewer funds vs a year ago
fund count last 6Q
468 fewer hedge funds hold SNV compared to a year ago (-99% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 33% buying
3 buying6 selling
Last quarter: 6 funds sold vs only 3 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 85 → 78 → 1 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 33% long-term, 67% new
■ 33% conviction (2yr+)
■ 0% medium
■ 67% new
Of the 3 current holders: 1 (33%) held >2 years, 0 held 1–2 years, and 2 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
⚠️
Saturation — most institutions already know this story
70 → 85 → 78 → 1 → 3 new funds/Q
New funds entering each quarter: 85 → 78 → 1 → 3. 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 — 67% of holders entered in last year
■ 33% veterans
■ 0% 1-2yr
■ 67% new
Of 3 current holders: 2 (67%) entered in the past year, only 1 (33%) 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.
📋
Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
0 of 3 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.