The breadth and depth of institutional selling across both passive and active managers suggests a structural de-rating thesis. Monitor upcoming 10-Q for revenue or margin deterioration that could explain the exodus. The lone buyer's $47 addition is negligible and does not offset the signal.
Executive Summary
A bearish institutional cluster formed in CSPI during Q2 2026, with 9 sellers reducing positions by a net $5.3M against a single small buyer adding just $47. The selling is broad-based across mega-passive managers (Geode, Fidelity, BlackRock, State Street) and active asset managers (Farther Finance, Northern Trust), with several near-full exits. This signals a coordinated reduction in exposure, likely reflecting deteriorating fundamentals or a sector rotation away from this small-cap technology stock.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$5.3M
▲ Buyers (1)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Allworth Financial | ADD | +63.6% | $143.00 | $47.00 |
▼ Sellers (9)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Geode | TRIM | -53.7% | $1.5M | -$876.0K |
| Fidelity | NEAR_EXIT | -84.6% | $29.0K | -$25.0K |
| Northern Trust | TRIM | -73.7% | $583.0K | -$443.0K |
| Farther Finance Advisors | NEAR_EXIT | -100% | $822.0K | -$822.0K |
| Russell Investments Group | NEAR_EXIT | -79% | $5.0K | -$4.0K |
| BlackRock | NEAR_EXIT | -82.5% | $3.2M | -$2.7M |
| Royal Bank Of Canada | TRIM | -45% | $25.0K | -$12.0K |
| Barclays | TRIM | -71.4% | $12.0K | -$9.0K |
| State Street | TRIM | -65.6% | $643.0K | -$440.0K |
Key Facts
- 9 institutional sellers reduced aggregate holdings by $5.3M in Q2 2026
- Only 1 buyer (Allworth Financial) added a trivial $47 position
- BlackRock cut 82.5% of its stake, selling $2.7M worth
- Farther Finance Advisors exited nearly entirely, selling $822K
- Geode, Northern Trust, and State Street each trimmed 54-74% of their positions
- Net conviction is bearish with a 9:1 seller-to-buyer ratio
Financial Impact
9 institutions sold a net $5.3M in CSPI shares, while 1 buyer added $47. The selling represents a significant portion of the stock's float given CSPI's small market cap.
Risk Factors
- 13F data is 45+ days stale; positions may have been rebuilt since quarter-end
- Passive selling could reflect index rebalancing rather than fundamental concerns
- Small-cap stock with low liquidity — selling may be mechanically amplified
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-CSPI-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | Press Release | $7.61 $7.42 | ▼ −2.55% | ▼ −2.40% | — |
Sep 22, 2026 4w ago | Institutional Cluster | $7.76 $7.63 | ▲ +1.68% | ▲ +0.49% | — |
Aug 14, 2026 10w ago | Press Release | $8.05 $7.56 | ▲ +6.09% | ▲ +4.72% | — |
Aug 11, 2026 10w ago | Press Release | $8.40 $7.29 | ▼ −13.21% | ▼ −12.81% | — |
Jun 9, 2026 19w ago | 3 | $8.59 $9.34 | ▲ +8.73% | ▲ +5.30% | — |
Jun 9, 2026 19w ago | 8-K | $8.21 $9.42 | ▲ +14.74% | ▲ +12.33% | — |
May 18, 2026 23w ago | Insider Cluster | $9.41 $9.74 | ▲ +3.51% | ▲ +1.89% | — |
May 12, 2026 23w ago | Insider Cluster | $9.16 $9.42 | ▲ +2.84% | ▲ +3.44% | — |
May 12, 2026 23w ago | Insider Cluster | $9.16 $9.42 | ▲ +2.84% | ▲ +3.44% | — |
US Market Status
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