The near-unanimous selling by diverse fund types (quant, mega-passive, asset manager) signals deteriorating confidence. Monitor upcoming Q4 2025 earnings for further revenue/margin pressure. Consider short-term bearish positioning, but set stops given the stock's history of gap reversals.
Executive Summary
Three major institutions (Citadel, Morgan Stanley, Ameriprise) collectively sold ~$1.4M in RMAX during Q3 2025, while BofA added a small passive position. Citadel's near-complete exit and the absence of active buyers suggest a bearish institutional consensus on the company's near-term outlook. This cluster reinforces the broader negative cross-filing context from prior earnings and offering disclosures.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$1.3M
▲ Buyers (1)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| BofA | ADD | +82.6% | $270.0K | $142.0K |
▼ Sellers (3)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Citadel | NEAR_EXIT | -91.3% | $1.2M | -$1.1M |
| Morgan Stanley | TRIM | -28% | $1.7M | -$291.7K |
| Ameriprise Financial | TRIM | -31.7% | $296.0K | -$63.1K |
Key Facts
- 3 sellers (net $-1.4M) vs 1 buyer ($+0.14M), net $-1.28M institutional outflow
- Citadel (quant) exited 91.3% of its position, reducing from $1.2M to $119K
- Morgan Stanley (mega-passive) trimmed by 28% ($1.7M to $1.4M)
- Ameriprise (asset manager) trimmed by 31.7% ($296K to $233K)
- BofA (mega-passive) added $142K (+82.6%), but is the only buyer and a passive/index manager
- Active manager participation: zero active buyers; both passive sellers and one passive buyer indicates no informed active buying thesis
Financial Impact
$1.4M in institutional selling vs $142K in buying; net outflow of ~$1.28M
Risk Factors
- 13F data is 45+ days stale; positions may have been reversed since quarter-end
- RMAX has a history of sharp positive gaps contrary to institutional flow (signal_daily_gap +31.66% on 2026-04-28)
- Micro-cap ($194M) can be illiquid and subject to sudden squeezes
- Only 4 total filers in cluster; low statistical power
- BofA's small passive ADD is neutral, not contrarian bullish
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-RMAX-2025-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | SC 13G/A | — | awaiting T+60 | — | — |
Sep 4, 2026 7w ago | 15-12G | — | awaiting T+60 | — | — |
Aug 26, 2026 8w ago | EFFECT | $13.40 | awaiting T+60 | — | — |
Aug 25, 2026 9w ago | 25-NSE | $13.50 | awaiting T+60 | — | — |
Aug 6, 2026 11w ago | DEFA14A | $10.77 | awaiting T+60 | — | — |
Aug 4, 2026 12w ago | 425 / 8-K | $9.70 | awaiting T+60 | — | — |
Jul 14, 2026 15w ago | DEFA14A | $10.72 | awaiting T+60 | — | — |
Jul 14, 2026 15w ago | 8-K | $10.72 | awaiting T+60 | — | — |
Jun 11, 2026 19w ago | Institutional Cluster | $9.01 | awaiting T+60 | — | — |
May 28, 2026 21w ago | DEFA14A | $9.54 $12.36 | ▲ +29.56% | ▲ +28.38% | — |
US Market Status
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