Based on 9 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added SONM than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
🔻
Below peak — only 26% of 3.0Y high
26% of all-time peak
Only 9 funds hold SONM today versus a peak of 34 funds at 2020 Q3 — just 26% 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 — 18% fewer funds vs a year ago
fund count last 6Q
2 fewer hedge funds hold SONM compared to a year ago (-18% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟢
More buyers than sellers — 64% buying
7 buying4 selling
Last quarter: 7 funds were net buyers (6 opened a brand new position + 1 added to an existing one). Only 4 were sellers (0 trimmed + 4 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 10 → 6 → 2 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mixed — 33% long-term, 56% new
■ 33% conviction (2yr+)
■ 11% medium
■ 56% new
Of the 9 current holders: 3 (33%) held >2 years, 1 held 1–2 years, and 5 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.
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Value +44% but shares only +13% — price-driven
Last quarter: the total dollar value of institutional holdings rose +44%, but actual share count only changed +13%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
⚠️
Saturation — most institutions already know this story
2 → 10 → 6 → 2 → 6 new funds/Q
New funds entering each quarter: 10 → 6 → 2 → 6. 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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Early stage — 56% of holders entered in last year
■ 33% veterans
■ 11% 1-2yr
■ 56% new
Of 9 current holders: 5 (56%) entered in the past year, only 3 (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.
🏆
Elite ownership — 54% AUM from top-100 funds
54% from top-100 AUM funds
2 of 9 holders are among the 100 largest funds by AUM, controlling 54% of total institutional value in SONM. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 1.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.