The mixed cluster with net selling from large holders (Susquehanna, Citadel) and no insider buying suggests caution despite bullish analyst consensus. Monitor for a catalyst that could reverse the selling trend or confirm the analysts' optimism. The 45-day 13F lag means these positions may have already been adjusted.
Executive Summary
Institutional activity in AZ for 2026-Q2 shows a mixed cluster: 3 buyers (Goldman Sachs, Millennium, Jane Street) doubled positions, adding $1.4M in new holdings, while 6 sellers trimmed or nearly exited, reducing holdings by $2.4M. The net selling pressure from larger holders like Susquehanna ($1.8M trim) and Citadel outweighs the buying, suggesting cautious positioning despite the 90% bullish analyst consensus. No insider buying corroborates the institutional moves, weakening the conviction signal.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$1.0M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Goldman Sachs | DOUBLED | +201.1% | $820.0K | $508.0K |
| Millennium | DOUBLED | +105.1% | $195.0K | $86.0K |
| Jane Street Group | DOUBLED | +131.4% | $1.6M | $816.0K |
▼ Sellers (6)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Susquehanna International Group | TRIM | -41.3% | $3.7M | -$1.8M |
| Mercer Global Advisors Inc /Adv | NEAR_EXIT | -79.4% | $331.0K | -$271.5K |
| BofA | TRIM | -26.2% | $557.0K | -$198.2K |
| Citadel | TRIM | -45.6% | $167.0K | -$87.6K |
| Imc-Chicago | TRIM | -31.3% | $160.0K | -$64.1K |
| Wells Fargo | NEAR_EXIT | -80% | $7.0K | -$5.5K |
Key Facts
- 3 institutions doubled positions: Goldman Sachs (+$508K), Millennium (+$86K), Jane Street (+$816K)
- 6 institutions reduced holdings: Susquehanna (-$1.8M), BofA (-$198K), Citadel (-$88K), IMC-Chicago (-$64K), Mercer (-$272K), Wells Fargo (-$6K)
- Net institutional flow is negative: sellers reduced by $2.4M vs. buyers added $1.4M
- No insider open-market buying in the window (confluence score 18/100, institutions only)
- Analyst consensus is 90% bullish (3 Strong Buy, 6 Buy, 1 Hold)
Financial Impact
3 buyers added $1.4M in new positions; 6 sellers reduced holdings by $2.4M, net negative $1.0M
Risk Factors
- Net institutional selling outweighs buying by $1.0M, indicating potential distribution
- No insider buying corroborates the institutional moves, weakening the signal
- 13F data is 45+ days old; current positions may differ materially
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-AZ-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 21d ago | 6-K | $5.97 $5.70 | ▼ −4.52% | ▼ −4.38% | — |
Oct 6, 2026 21d ago | Press Release | $5.97 $5.70 | ▼ −4.52% | ▼ −4.38% | — |
Sep 17, 2026 5w ago | 6-K | $5.65 $5.68 | ▲ +0.53% | ▼ −0.07% | — |
Aug 19, 2026 9w ago | Institutional Cluster | $6.88 $6.63 | ▼ −3.63% | ▼ −4.75% | — |
Jul 27, 2026 13w ago | Press Release | $5.75 $6.15 | ▲ +6.96% | ▲ +5.88% | — |
Jul 14, 2026 14w ago | 6-K | $5.48 $5.38 | ▼ −1.82% | ▼ −0.84% | — |
Jul 6, 2026 16w ago | 6-K | $6.01 $5.54 | ▼ −7.82% | ▼ −8.37% | — |
Jul 6, 2026 16w ago | Press Release | $6.21 $5.64 | ▼ −9.18% | ▼ −9.67% | — |
Jul 5, 2026 16w ago | Institutional Cluster | $6.21 $5.64 | ▼ −9.18% | ▼ −9.67% | — |
May 15, 2026 23w ago | EFFECT | $5.88 $6.33 | ▼ −7.65% | ▼ −6.69% | — |
US Market Status
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