The heavy selling by quant funds (Citadel, D.E. Shaw) and near-exits by Voya and AllianceBernstein suggest a negative thesis around BILL's fundamentals or valuation. Monitor upcoming earnings for guidance and any capital raise announcements. The amplifier flag for earnings+offering context increases the likelihood of a catalyst-driven selloff.
Executive Summary
A mixed institutional cluster in BILL for Q3 2024 shows 25 buyers accumulating $22.9M in net new positions (led by Schwab and Bridgewater) while 19 sellers reduced holdings by $111.6M (led by Citadel, D.E. Shaw, and Voya). The net selling pressure is far larger in dollar terms, with quant funds and several asset managers trimming or exiting, signaling caution despite some smaller active managers adding. The cross-filing actuarial verdict flags an amplifier for inst-earnings-context + inst-offering-context, suggesting this cluster may be reacting to earnings and offering dynamics.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$88.8M
▲ Buyers (25)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Schwab | ADD | +45.3% | $47.3M | $14.8M |
| Bridgewater | DOUBLED | +504% | $6.7M | $5.6M |
| Cresset Asset Management | ADD | +45.6% | $3.4M | $1.1M |
▼ Sellers (19)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Citadel | TRIM | -43.7% | $60.0M | -$26.2M |
| D.E. Shaw | TRIM | -29.5% | $66.9M | -$19.6M |
| Voya Investment Management | NEAR_EXIT | -92.2% | $27.1M | -$25.0M |
| Alliancebernstein | NEAR_EXIT | -80.8% | $16.1M | -$13.0M |
| Balyasny Asset Management | EXIT | -100% | $14.1M | -$14.1M |
Key Facts
- 25 buyers added $22.9M in net new positions; 19 sellers reduced holdings by $111.6M
- Largest sellers: Citadel trimmed $26.2M, D.E. Shaw trimmed $19.6M, Voya near-exited $25.0M
- Largest buyer: Schwab added $14.8M (passive index fund — weaker signal)
- Bridgewater doubled its position (+504%, +$5.6M) — notable quant conviction
- Net selling value ($111.6M) far exceeds net buying value ($22.9M), indicating overall institutional distribution
- Cross-filing amplifier: inst-earnings-context + inst-offering-context suggests cluster may be tied to earnings and capital raise dynamics
Financial Impact
Net institutional selling of $111.6M vs net buying of $22.9M — a net distribution of ~$88.7M
Risk Factors
- 13F data is 45 days stale — positions may have been unwound or reversed since quarter-end
- Passive buyer (Schwab) dominates buying side, reducing signal quality
- Historical performance shows prior neutral report on BILL lost -14% at T+20, suggesting bearish reads may be more accurate
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-BILL-2024-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 4, 2026 28d ago | Insider Cluster | $47.60 $49.96 | ▼ −4.96% | ▼ −6.08% | — |
Sep 1, 2026 4w ago | Insider Cluster | $47.62 $47.94 | ▲ +0.67% | ▲ +0.59% | — |
Aug 31, 2026 4w ago | 3 | $47.62 $47.94 | ▲ +0.67% | ▲ +0.59% | — |
Aug 12, 2026 7w ago | Institutional Cluster | $48.70 $47.71 | ▼ −2.03% | ▼ −1.59% | — |
Jun 12, 2026 16w ago | Institutional Cluster | $33.18 $32.47 | ▲ +2.14% | ▲ +2.81% | — |
May 29, 2026 17w ago | 144 | $39.51 $35.97 | ▲ +8.96% | ▲ +6.21% | — |
May 7, 2026 21w ago | 8-K | $41.83 $39.49 | ▼ −5.59% | ▼ −7.06% | — |
US Market Status
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