The active-quant-led buying (Millennium, D.E. Shaw, Citigroup) following a strong Q2 earnings beat and raised guidance suggests these funds see accelerating adoption of Ceribell's EEG platforms. The lack of insider buying (confluence score 18/100) tempers conviction — monitor for insider open-market buys or upcoming 144 filings to confirm the thesis. The cluster is consistent with the raised FY2026 guidance ($114M-$117M) but the 45-day 13F reporting lag means these positions may have been partially unwound by now.
Executive Summary
A clear directional institutional cluster emerged for Ceribell in Q2 2026, with 9 buyers accumulating $6.8M net versus 4 sellers trimming $5.0M. The buying is concentrated in active quant and asset managers (D.E. Shaw, Millennium, Citigroup), while selling is exclusively from mega-passive and quant funds (BofA, Goldman Sachs, UBS, Citadel) — a classic rotation from passive rebalancers to conviction-driven active funds. This cluster follows a bullish Q2 earnings beat (revenue +33% YoY, raised FY guidance) and likely reflects institutions building positions ahead of the company's accelerating product adoption and FDA/coding catalysts.
Key Financial Metrics
Institutional Positions
Net institutional flow: $1.8M
▲ Buyers (9)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Millennium Management | ADD | +31.7% | $14.1M | $4.0M |
| D.E. Shaw & Co. | ADD | +75.9% | $2.9M | $1.3M |
| Citigroup | ADD | +89.2% | $1.6M | $786.0K |
| Wells Fargo & Company | DOUBLED | +151.5% | $493.0K | $308.0K |
▼ Sellers (4)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Goldman Sachs Group | TRIM | -31.8% | $7.5M | -$2.1M |
| Citadel Advisors | TRIM | -32.4% | $5.3M | -$1.5M |
| Bank of America Corp | TRIM | -25.8% | $5.9M | -$1.2M |
| UBS Group AG | TRIM | -34.1% | $675.0K | -$202.7K |
Key Facts
- 9 institutions accumulated $19.6M in CBLL positions, net adding $6.8M during Q2 2026
- 4 institutions trimmed $5.0M, all mega-passive or quant funds (BofA, Goldman Sachs, UBS, Citadel)
- Millennium added $4.0M (+31.7%), D.E. Shaw added $1.3M (+75.9%), Citigroup added $786K (+89.2%)
- Total net institutional inflow of $1.8M (buy-side $6.8M vs sell-side $5.0M)
- Confluence score 18/100 (divergent) — no insider open-market buying to corroborate the cluster
Financial Impact
Net institutional accumulation of $1.8M in Q2 2026, with active managers adding $6.8M while passive/quant sellers trimmed $5.0M
Risk Factors
- 13F data is 45+ days stale — the cluster may have been unwound by current date
- No insider buying to corroborate the institutional thesis (confluence score 18/100)
- GAAP EPS miss (-$0.51 vs -$0.46 consensus) and widening net loss temper the bullish narrative
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-CBLL-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | Press Release | $27.14 $27.40 | ▲ +0.96% | ▲ +2.14% | — |
Sep 17, 2026 5w ago | Insider Cluster | $24.37 $24.25 | ▼ −0.49% | ▼ −2.04% | — |
Sep 10, 2026 6w ago | Insider Cluster | $23.63 $24.33 | ▼ −2.96% | ▼ −3.41% | — |
Sep 4, 2026 7w ago | Insider Cluster | $24.31 $24.41 | ▲ +0.41% | ▲ +0.88% | — |
Aug 25, 2026 8w ago | Insider Cluster | $23.45 $23.37 | ▲ +0.34% | ▲ +1.00% | — |
Aug 20, 2026 9w ago | Insider Cluster | $24.20 $23.94 | ▲ +1.07% | ▲ +0.78% | — |
Aug 20, 2026 9w ago | Insider Cluster | $24.20 $23.94 | ▼ −1.07% | ▼ −0.78% | — |
Aug 18, 2026 10w ago | Institutional Cluster | $24.21 $24.89 | ▲ +2.81% | ▲ +2.60% | — |
Aug 10, 2026 11w ago | 8-K | $21.31 $22.91 | ▲ +7.51% | ▲ +7.26% | — |
Aug 10, 2026 11w ago | Press Release | $21.31 $22.91 | ▲ +7.51% | ▲ +7.26% | — |
US Market Status
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