Signal Basis
Total institutional value fell $5.96B in Q1 2026, with 144 exits vs 120 new buys, despite a slight buyer count edge (607 vs 553). The only insider trade in 90 days was a $216K sale by the General Counsel, with zero cluster buying.
Confirmation
A further rise in exit counts or additional insider sales would confirm the distribution trend.
Invalidation Risk
A reversal into institutional accumulation or an insider buy would invalidate the bearish stance.
This game-theory analysis is AI-assisted and derived from public regulatory filings, covering historical data only. For informational purposes, not investment advice.