The mixed institutional signal with a large exit from Artemis Investment Management and no insider buying suggests caution. Monitor for further 13F filings next quarter to see if the selling trend broadens or if buyers step in more aggressively. The stock's recent volatility (T+20 -40% on a prior neutral report) warrants a wait-and-see approach.
Executive Summary
Institutional activity in AAOI during 2026-Q2 was mixed: 5 smaller asset managers added positions totaling $12.5M in new value, while 6 sellers — led by Artemis Investment Management's full exit of a $28.8M position — reduced holdings by $35.1M. The net $22.6M outflow from tracked institutions, dominated by a single large exit, suggests a lack of consensus and potential profit-taking or thesis abandonment by a key holder.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$22.6M
▲ Buyers (5)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | ADD | +48% | $10.7M | $6.6M |
| Police & Firemen's Retirement System Of New | ADD | +94.8% | $5.2M | $3.7M |
| Exchange Traded Concepts | ADD | +65.6% | $2.3M | $1.5M |
▼ Sellers (6)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Artemis Investment Management | EXIT | -100% | $28.8M | -$28.8M |
| New York State Common Retirement Fund | TRIM | -66.2% | $13.4M | -$5.5M |
| Concurrent Investment Advisors | TRIM | -59.5% | $1.6M | -$458.3K |
Key Facts
- 5 institutional buyers added $12.5M in net new value, led by Assenagon Asset Management (+$6.6M) and Police & Firemen's Retirement System (+$3.7M).
- 6 institutional sellers reduced holdings by $35.1M, with Artemis Investment Management exiting a $28.8M position entirely.
- Net institutional outflow of ~$22.6M from tracked funds, driven by one large exit.
- No open-market insider buying corroborates the institutional cluster (confluence score 19/100, divergent).
- Top holders Commonwealth Equity Services ($11M) and New York State Common Retirement Fund ($8M) both trimmed positions.
Financial Impact
5 institutions accumulated $12.5M in new positions while 6 reduced holdings by $35.1M, resulting in a net $22.6M outflow from tracked funds.
Risk Factors
- The 45-day 13F reporting lag means positions may have already been unwound or changed.
- The cluster is dominated by smaller asset managers on the buy side and a single large exit on the sell side, reducing conviction signal.
- No insider buying to corroborate the institutional accumulation.
- Historical calibration shows score-4 reports on AAOI have had mixed outcomes (T+20 average negative).
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-AAOI-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | Insider Cluster | $103.29 $98.06 | ▼ −5.06% | ▼ −4.56% | — |
Aug 12, 2026 7w ago | Insider Cluster | $130.08 $129.10 | ▼ −0.75% | ▲ +1.21% | — |
Aug 2, 2026 8w ago | Institutional Cluster | $110.21 $132.81 | ▲ +20.51% | ▲ +18.48% | — |
Jun 16, 2026 15w ago | 8-K | $167.34 $146.97 | ▼ −12.17% | ▼ −11.13% | — |
Jun 16, 2026 15w ago | Insider Cluster | $167.34 $146.97 | ▼ −12.17% | ▼ −11.13% | — |
Jun 8, 2026 16w ago | Insider Cluster | $162.88 $191.55 | ▼ −17.60% | ▼ −15.19% | — |
Jun 8, 2026 16w ago | Insider Cluster | $162.88 $191.55 | ▲ +17.60% | ▲ +15.19% | — |
Jun 5, 2026 16w ago | 8-K | $196.64 $191.55 | ▼ −2.59% | ▼ −4.70% | — |
May 19, 2026 19w ago | Insider Cluster | $165.26 $179.83 | ▼ −8.82% | ▼ −7.58% | — |
May 8, 2026 21w ago | DEFA14A | $148.94 $203.57 | ▲ +36.68% | ▲ +35.22% | — |
US Market Status
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