When the Float Vanishes: CRAI’s 91% Institutional Hold Swallows Free Shares

Insider sell‑off persists as investors pile in, tightening liquidity and amplifying hedging activity

CRAI CRA International, Inc.

In this report

01

Institutional Ownership

Quarterly ownership trends, direction, investor count

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02

Position Flow Analysis

Flow ratio, conviction, new vs closed positions

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03

Float & Options Context

Put/call ratio, free float estimate, hedging activity

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04

Insider Trading Patterns

Insider buys/sells, top transactions, cluster buying, post-buy returns

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05

Smart Money Summary

Convergence/divergence flags, key takeaways

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Institutional Ownership Trends

CRA International, Inc. (CRAI) — Ownership Profile

Institutional ownership of CRA International, Inc. (CRAI) has risen to 90.84% as of 2026Q1, representing a 1.39 percentage‑point increase over the prior quarter. The upward trajectory spans two consecutive quarters, indicating early-stage accumulation, and the company now exceeds the 90% threshold, classifying it as heavily institutionalized with a constrained free float.

Ownership Overview

CRAI

The recent rise in ownership suggests institutions are modestly accumulating shares, though the two‑quarter streak falls short of the three‑quarter benchmark for sustained accumulation. With 214 institutional investors on record, the investor base remains broad despite the high concentration, which may limit further upside from additional inflows due to limited float.

Position Flow Analysis

CRA International, Inc. (CRAI) — Position Flows

The position flow dynamics for CRA International, Inc. indicate a modest net inflow of shares, with a current flow ratio of 1.38 placing the stock in the mild accumulation zone (1.0‑1.5). The conviction ratio stands at 0.62, above the 0.6 threshold, suggesting that existing shareholders are incrementally increasing their stakes. Together, these metrics imply that institutions are both initiating new positions and reinforcing confidence in holdings, albeit at a measured pace.

Position Flow Metrics

CRAI

Institutions appear to be opening fresh positions, as reflected by the mild accumulation flow ratio of 1.38, while the conviction ratio of 0.62 signals that current holders are also adding to their stakes. The latest net flow of 41 (presumably thousand or million shares) confirms a positive but moderate demand pressure. This convergence of new buying and heightened conviction points to growing institutional confidence without indicating aggressive accumulation.

Float & Options Context

CRA International, Inc. (CRAI) — Float & Options

CRA International, Inc. (CRAI) exhibits a highly constrained free float of approximately 9.16%, derived from an institutional ownership level of 90.84%. The put/call ratio stands at 4.99 and has remained stable, indicating that market participants are maintaining a strong bearish or hedging bias, with nearly five puts for every call.

Float & Options Overview

CRAI

The elevated put/call ratio suggests that investors—particularly those with exposure to the underlying stock—are seeking downside protection, reflecting cautious sentiment despite the stable trend. With less than 10% of shares available for public trading, any significant buying pressure could trigger a short squeeze, but the dominant institutional ownership also limits liquidity and may amplify price volatility in response to option-driven hedging activity.

Float & Options Context

CRA International, Inc. (CRAI) — Put/Call Ratio

Insider Trading Patterns

CRA International, Inc. (CRAI) — Insider Activity

Over the past 12 months, CRA International recorded no insider purchases and 68 insider sales totaling $8.99 million, yielding a buy/sell value ratio of 0.0—well below the 0.2 threshold that flags heavy selling. The majority of the sell activity originates from Paul A. Maleh, President and CEO, who alone accounted for three transactions amounting to roughly $2.49 million (27% of total insider sales) across a six‑month span, suggesting a pattern of routine equity compensation or personal liquidity planning rather than an isolated distress signal.

Insider Activity Summary

CRAI

The absence of any insider buying combined with sustained selling by the CEO places insider sentiment on the bearish side of the spectrum, though the sales are consistent with typical executive compensation cycles. No clustering of buys is present to offset this signal, and historical post‑buy success rates are irrelevant here given the lack of purchases.

Insider Trading Patterns

CRA International, Inc. (CRAI) — Insider Timeline

Smart Money Summary

CRA International, Inc. (CRAI) — Summary & Implications

Institutional ownership of CRA International has risen to an elevated 90.84%, reflecting a 1.39 percentage‑point increase over the prior quarter and placing the float among the most tightly held stocks in its peer set. The flow classification of mild accumulation (flow ratio 0.62) indicates modest net buying pressure from institutional investors, yet the high ownership concentration may limit further inflows as available shares become scarce. Insider activity shows a neutral balance sheet with no reported purchases and a modest level of sales that are consistent with routine compensation or diversification rather than distress, creating a divergence between strong institutional demand and insider selling.

Smart Money Dashboard

Key Takeaways

Institutional ownership stands at 90.84%, up 1.39pp, indicating strong confidence from large investors.
The flow ratio of 0.62 signals mild accumulation, below the >1.5 threshold for aggressive buying but still positive.
Insider activity shows zero purchases and modest sales, typical of routine equity compensation rather than distress.
The divergence—high institutional buying versus insider selling—may reflect differing motivations: institutions building positions while insiders liquidate for personal reasons.
Constrained float could amplify price movements if demand persists, making the stock sensitive to supply‑side dynamics.

CRAI

Smart money is largely on the buy side, as evidenced by rising institutional ownership and continued mild accumulation, while insiders have been modest sellers, suggesting no immediate red flags but a potential limitation on float liquidity.

CRAI

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Report written 2026-06-07 • Finexus

Disclaimer

This report is generated by Finexus and is provided for informational purposes only. It does not constitute investment advice, a recommendation, or an offer or solicitation to buy or sell any security.

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