APX Charts, page-760

Lennox Capital were the major institution selling prior to the downgrade ($33ish):

https://www.fidante.com/-/media/Shared/Fidante/LENN/LASCF_FR_mnth.ashx?la=en

From memory their position was 20 mil or so so quite large. They have exited completely based on their valuation targets being met.

Ausbil are the other major insto holder and looks like they either trimmed or exited sometime after October:

https://www.ausbil.com.au/ausbil/media/documents/reports/monthly/ausbil-australian-emerging-leaders-fund-september-2020.pdf

That would explain a lot of the insto supply that has been hitting the market over the last few months.

I haven't seen any other insto's pick up Apx, but I usually wouldn't pick that up for at least a few days after.

I don't think they really know anymore or less than us right now, any reversal in trajectory is going to come from the AGM, new contract wins and guidance. I won't be selling any shares at this point. These guys are usually only right a few % points more than they are wrong they are just very disciplined about letting winners run and avoiding the big losers.