Based on 8 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their XB positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 80% of 3.0Y peak
80% of all-time peak
8 funds currently hold this stock — 80% of the 3.0-year high of 10 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +14% more funds vs a year ago
fund count last 6Q
+1 new funds entered over the past year (+14% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 56% buying
5 buying4 selling
Last quarter: 5 funds bought or added vs 4 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.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 1 → 3 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 38% long-term, 25% new
■ 38% conviction (2yr+)
■ 38% medium
■ 25% new
Of the 8 current holders: 3 (38%) held >2 years, 3 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.
💎
Buying through price weakness — shares +2%, value -58%
Last quarter: funds added +2% more shares while total portfolio value only changed -58%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~1 new funds/quarter
2 → 2 → 1 → 3 → 1 new funds/Q
New funds entering each quarter: 2 → 1 → 3 → 1. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 38% veterans, 50% new entrants
■ 38% veterans
■ 12% 1-2yr
■ 50% new
Of 8 current holders: 3 (38%) held 2+ years, 1 held 1–2 years, 4 (50%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 29% AUM from major funds
29% from top-100 AUM funds
4 of 8 holders rank in the top 100 by AUM, accounting for 29% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.