The cluster is overwhelmingly passive/index-driven, not active conviction. With no insider buying and poor historical model performance on FIGR, treat this as a neutral float-absorption signal rather than a bullish catalyst. Monitor for any fundamental catalyst (earnings, guidance, or strategic update) that could explain the passive rebalancing, but do not trade on the cluster alone.
Executive Summary
A massive institutional cluster in FIGR shows 26 buyers accumulating $254.9M in net new positions, overwhelmingly from mega-passive managers (JPMorgan doubled to $305.1M, Morgan Stanley added to $115.1M, UBS added to $37.3M), while 9 sellers mostly exited or near-exited. The buying is dominated by passive/index rebalancing rather than active conviction, and the 45-day 13F lag means these positions may already be stale. Historical model performance on FIGR is poor (30% win rate, -7.76% avg T+20), and the 0% insider buying confluence score (24/100, divergent) further weakens the signal. The cluster appears to reflect passive index rebalancing into a growing market-cap stock rather than a fundamental catalyst-driven thesis.
Key Financial Metrics
Institutional Positions
Net institutional flow: $189.4M
▲ Buyers (26)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| JPMorgan | DOUBLED | +104.6% | $305.1M | $136.0M |
| Morgan Stanley | ADD | +37% | $115.1M | $22.2M |
| Geode | ADD | +67% | $42.3M | $14.3M |
| UBS | ADD | +88.9% | $37.3M | $15.5M |
| Goldman Sachs | ADD | +69.9% | $34.5M | $12.1M |
| American Century Companies | NEW | +0% | $33.2M | $33.2M |
▼ Sellers (9)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Artemis Investment Management | EXIT | -100% | $24.5M | -$24.5M |
| Capital World Investors | NEAR_EXIT | -80.1% | $29.4M | -$24.1M |
| Victory Capital Management | NEAR_EXIT | -94.6% | $8.5M | -$8.1M |
| Walleye Capital | NEAR_EXIT | -96% | $4.8M | -$4.6M |
| Citigroup | NEAR_EXIT | -88.3% | $4.1M | -$3.7M |
Key Facts
- 26 institutional buyers accumulated $603.4M in current holdings, net adding $254.9M
- 9 sellers reduced holdings by $65.5M, with Capital World Investors, Artemis, and T. Rowe Price making near-exit/exit moves
- JPMorgan doubled its position to $305.1M, the largest single buyer
- No open-market insider buying — insider activity is 4 sells totaling $233K in the last 30 days
- Historical model calls on FIGR have a 30% win rate at T+20 with -7.76% average return
Financial Impact
26 buyers added $254.9M in net new positions while 9 sellers reduced by $65.5M, for net institutional accumulation of ~$189.4M
Risk Factors
- 45-day 13F reporting lag means positions may already be unwound
- Passive/index fund dominance (JPMorgan, Morgan Stanley, UBS, Goldman) suggests rebalancing, not active thesis
- No insider buying corroboration weakens conviction signal
- Historical model calls on FIGR show -7.76% avg T+20 return with 30% win rate
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-FIGR-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | Press Release | $36.57 $33.71 | ▼ −7.82% | ▼ −7.32% | — |
Sep 10, 2026 23d ago | 144 | $36.57 $33.71 | ▼ −7.82% | ▼ −7.32% | — |
Sep 1, 2026 4w ago | 8-K | $33.70 $38.12 | ▲ +13.12% | ▲ +13.03% | — |
Aug 18, 2026 6w ago | Insider Cluster | $35.52 $41.14 | ▲ +15.82% | ▲ +16.02% | — |
Aug 16, 2026 6w ago | Institutional Cluster | $35.76 $38.64 | ▲ +8.07% | ▲ +9.26% | — |
Jul 15, 2026 11w ago | Press Release | $30.87 $29.24 | ▲ +5.28% | ▲ +3.61% | — |
Jul 7, 2026 12w ago | Press Release | $30.65 $29.96 | ▼ −2.25% | ▼ −3.11% | — |
Jul 6, 2026 12w ago | 8-K | $34.41 $31.80 | ▼ −7.58% | ▼ −8.07% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $28.15 $27.40 | ▼ −2.66% | ▼ −3.10% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $28.15 $27.40 | ▼ −2.66% | ▼ −3.10% | — |
US Market Status
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