Monitor next earnings for fundamental catalyst that could explain the divergence between aggressive accumulators (Fidelity, Millennium, Citigroup) and large sellers (UBS, Alta Fox). The mixed institutional activity suggests uncertainty rather than a clear thesis.
Executive Summary
Institutional activity in CARG during Q2 2026 was mixed: 39 buyers added $60.8M in new positions, while 33 sellers reduced holdings by $68.3M. Notable buyers include Fidelity, Millennium, and Citigroup, which more than doubled their stakes, while major sellers include UBS and Alta Fox, which trimmed significantly. The net dollar change is slightly negative, indicating no clear consensus among institutions.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$7.5M
▲ Buyers (39)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Fidelity | DOUBLED | +1558.2% | $19.6M | $18.4M |
| Millennium | DOUBLED | +741.8% | $21.1M | $18.6M |
| Citigroup | DOUBLED | +909.3% | $8.0M | $7.2M |
| RenTech | ADD | +96% | $23.0M | $11.3M |
▼ Sellers (33)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| UBS | TRIM | -60.2% | $40.0M | -$24.1M |
| Alta Fox | TRIM | -46.9% | $54.0M | -$25.3M |
| JPMorgan | TRIM | -42.4% | $21.4M | -$9.4M |
| Robeco Institutional Asset Management B.v. | NEAR_EXIT | -84.2% | $5.9M | -$5.0M |
Key Facts
- 39 institutional buyers with aggregate current holdings of $86.2M and net additions of $60.8M
- 33 institutional sellers with aggregate net reductions of $68.3M
- Fidelity DOUBLED its position (+1,558.2% shares), now worth $19.6M
- Millennium DOUBLED its position (+741.8% shares), now worth $21.1M
- Citigroup DOUBLED its position (+909.3% shares), now worth $8.0M
- UBS trimmed -60.2% of its stake, reducing value by $24.1M
- Alta Fox trimmed -46.9% of its stake, reducing value by $25.3M
- Net institutional flow is roughly balanced, with no dominant directional signal
Financial Impact
Institutions accumulated approximately $60.8M in new positions while reducing holdings by $68.3M, resulting in a net outflow of about $7.5M
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound since quarter-end
- Net institutional outflow of $7.5M suggests mild selling pressure
- Alta Fox's significant trim (-46.9%) may indicate thesis deterioration
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-CARG-2026-Q2 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | Institutional Cluster | $32.73 | awaiting T+60 | — | — |
Oct 19, 2026 8d ago | Press Release | $31.66 | awaiting T+60 | — | — |
Oct 12, 2026 15d ago | Institutional Cluster | $28.39 | awaiting T+60 | — | — |
Oct 5, 2026 22d ago | Insider Cluster | $28.73 | awaiting T+60 | — | — |
Sep 3, 2026 7w ago | 8-K | $34.23 | awaiting T+60 | — | — |
Aug 18, 2026 10w ago | Insider Cluster | $37.04 | awaiting T+60 | — | — |
Aug 14, 2026 10w ago | Insider Cluster | $35.77 | awaiting T+60 | — | — |
Aug 11, 2026 11w ago | Insider Cluster | $36.88 | awaiting T+60 | — | — |
Jul 2, 2026 16w ago | Insider Cluster | $35.66 $31.16 | ▲ +12.62% | ▲ +14.34% | — |
Jul 2, 2026 16w ago | Insider Cluster | $35.66 $31.16 | ▼ −12.62% | ▼ −14.34% | — |
US Market Status
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