Based on 200 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added SPRY 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
200 hedge funds hold SPRY 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.
📶
Steady growth — +9% more funds vs a year ago
fund count last 6Q
+17 new funds entered over the past year (+9% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 55% buying
103 buying85 selling
Last quarter: 103 funds bought or added vs 85 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.
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More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new SPRY position: 32 → 41 → 34 → 40. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
📌
Mixed — 37% long-term, 28% new
■ 37% conviction (2yr+)
■ 34% medium
■ 28% new
Of the 200 current holders: 74 (37%) held >2 years, 69 held 1–2 years, and 57 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.
💎
Buying through price weakness — shares +4%, value -30%
Last quarter: funds added +4% more shares while total portfolio value only changed -30%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~40 new funds/quarter
41 → 32 → 41 → 34 → 40 new funds/Q
New funds entering each quarter: 32 → 41 → 34 → 40. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 43% veterans vs 38% newcomers
■ 43% veterans
■ 19% 1-2yr
■ 38% new
Entry-cohort mix of 205 holders: 89 (43%) are 2+ year veterans, 39 entered 1–2 years ago, and 77 (38%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 26% AUM from major funds
26% from top-100 AUM funds
41 of 199 holders rank in the top 100 by AUM, accounting for 26% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.