Aehr Test Systems

AEHR • NASDAQ

Aehr Test Systems is a semiconductors company in the technology sector on NASDAQ, led by Gayn Erickson, with a market cap of $734.6M. As of Q3 2025, 68% of shares are held by 149 institutional investors, with FMR LLC as the largest holder at 9.01%.

Chief Executive OfficerGayn Erickson

Market Cap$734.6M

Semiconductors

Technology

Employees104.0

Websiteaehr.com

Country

United States of America

Overview

Overview of institutional ownership in AEHR as of Q3 2025 with a market cap of $902.4M

All Institutions

Institutions: 149
Value Held: $613.0M
Shares Held: 20.4M
Avg Position: $4.1M
Median Position: $480.5K

Hedge Funds

Hedge Funds: 18
Value Held: $86.8M
Shares Held: 2.9M
Avg Position: $4.8M
Median Position: $1.1M

Ownership Breakdown

Institutional (non-HF)

58.31%

$526.2M

Hedge Funds

9.62%

$86.8M

Retail & Other

32.07%

$289.4M

Based on market cap of $902.4M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in AEHR as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
FMR LLC Institution	-	$81.3M 0.00% of portfolio	9.01% 2.7M shares	Q4 2021 Held for 3y 11m	$1.92T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$68.9M 0.00% of portfolio	7.64% 2.3M shares	Q1 2014 Held for 11y 8m	$6.69T
B BlackRock, Inc. Institution	-	$60.3M 0.00% of portfolio	6.68% 2.0M shares	Q1 2017 Held for 8y 8m	$5.67T
A AWM Investment Company, Inc. Hedge Fund•Event Driven	David Michael Greenhouse President	$47.2M 4.43% of portfolio	5.23% 1.6M shares	Q3 2016 Held for 9y 2m	$1.1B
B BAILLIE GIFFORD & CO Institution	-	$46.1M 0.03% of portfolio	5.11% 1.5M shares	Q3 2023 Held for 2y 2m	$134.80B
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Long Only Manager	Brent Walker Gledhill CEO	$26.9M 0.07% of portfolio	2.98% 894.1K shares	Q3 2025 Held for 2 months	$38.7B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$20.5M 0.00% of portfolio	2.27% 680.1K shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$18.1M 0.00% of portfolio	2.01% 602.1K shares	Q3 2021 Held for 4y 2m	$2.88T
Halter Ferguson Financial Inc. RIA/Wealth	Bradford Scott Ferguson President	$13.6M 3.31% of portfolio	1.51% 453.0K shares	Q4 2023 Held for 1y 11m	$411.9M
R RICE HALL JAMES & ASSOCIATES, LLC Long Only Manager	Thomas W Mcdowell Chairman	$13.4M 0.73% of portfolio	1.48% 444.4K shares	Q1 2024 Held for 1y 8m	$1.8B

Net Capital Flow

Institutional buying and selling activity for AEHR in Q3 2025

Traded: +$96.0M
Buyers: 89
Sellers: 58
Total Bought: +$152.0M
Total Sold: −$55.9M
Avg Position: $3.7M

Biggest Buyers

Institution	Net Bought	Current Position
FMR LLC Institution	+$36.3M +1.2M shares	$81.3M 2.7M shares
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Long Only Manager	+$26.9M +894.1K shares	$26.9M 894.1K shares
Invesco Ltd. ETF Provider	+$10.1M +336.9K shares	$11.0M 366.6K shares
GILDER GAGNON HOWE & CO LLC RIA/Wealth	+$9.8M +324.0K shares	$9.8M 324.0K shares
NEXT CENTURY GROWTH INVESTORS LLC Long Only Manager	+$8.3M +276.3K shares	$8.3M 276.3K shares
D D. E. Shaw & Co., Inc. Institution	+$7.1M +234.4K shares	$7.1M 234.4K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$6.7M +223.3K shares	$6.7M 223.3K shares
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	+$5.4M +178.7K shares	$5.4M 178.7K shares
G GRATIA CAPITAL, LLC Hedge Fund•Multi-Strategy	+$4.2M +139.6K shares	$4.2M 139.6K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$3.2M +105.3K shares	$3.2M 105.3K shares

Biggest Sellers

Institution	Net Sold	Current Position
B BAILLIE GIFFORD & CO Institution	−$13.8M −458.7K shares	$46.1M 1.5M shares
KENNEDY CAPITAL MANAGEMENT, INC. Long Only Manager	−$5.7M −188.2K shares	$7.7M 256.6K shares
R RICE HALL JAMES & ASSOCIATES, LLC Long Only Manager	−$5.1M −168.1K shares	$13.4M 444.4K shares
BANK OF AMERICA CORP /DE/ Institution	−$4.2M −140.0K shares	$3.0M 98.2K shares
SILVERCREST ASSET MANAGEMENT GROUP LLC RIA/Wealth	−$4.1M −136.8K shares	$9.3M 307.9K shares
MORGAN STANLEY RIA/Wealth	−$3.4M −113.9K shares	$2.7M 89.3K shares
NORTHERN TRUST CORP Institution	−$2.8M −92.4K shares	$6.9M 230.7K shares
J JANE STREET GROUP, LLC Institution	−$1.9M −145.9K shares	Sold Off 0 shares
R ROYCE & ASSOCIATES LLC Institution	−$1.7M −56.1K shares	$1.7M 55.4K shares
GSA CAPITAL PARTNERS LLP Hedge Fund•Quant	−$1.5M −118.7K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited AEHR in Q3 2025

New Positions: 17
New Value: $44.3M
Exited Positions: 18
Exited Value: $4.9M

New Positions

Institution	Position Value
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Long Only Manager	$26.9M 894.1K shares
GILDER GAGNON HOWE & CO LLC RIA/Wealth	$9.8M 324.0K shares
G GRATIA CAPITAL, LLC Hedge Fund•Multi-Strategy	$4.2M 139.6K shares
Harvest Investment Services, LLC RIA/Wealth	$815.2K 27.1K shares
Fortitude Advisory Group L.L.C. RIA/Wealth	$671.2K 22.3K shares
HORIZON KINETICS ASSET MANAGEMENT LLC Long Only Manager	$463.7K 15.4K shares
B Brevan Howard Capital Management LP Institution	$419.6K 13.9K shares
Integrated Wealth Concepts LLC RIA/Wealth	$396.6K 13.2K shares
WEDBUSH MORGAN SECURITIES INC RIA/Wealth	$307.1K 10.2K shares
Bridgewater Associates, LP Hedge Fund•Global Macro	$252.7K 8.4K shares

Exited Positions

Institution	Previous Position
J JANE STREET GROUP, LLC Institution	$1.9M 145.9K shares
GSA CAPITAL PARTNERS LLP Hedge Fund•Quant	$1.5M 118.7K shares
O OPTIONS SOLUTIONS, LLC Hedge Fund•Sector	$271.5K 21.0K shares
INTL FCSTONE INC. Institution	$259.5K 20.1K shares
Diversify Advisory Services, LLC RIA/Wealth	$235.3K 12.1K shares
S Squarepoint Ops LLC Hedge Fund•Quant	$228.4K 17.7K shares
Cascades Capital Asset Management, LLC RIA/Wealth	$182.3K 14.1K shares
LAZARD ASSET MANAGEMENT LLC Long Only Manager	$116.9K 9.0K shares
Venture Visionary Partners LLC RIA/Wealth	$87.1K 6.7K shares
Caitong International Asset Management Co., Ltd RIA/Wealth	$14.4K 1.1K shares

Options Activity

Institutions with the largest Call and Put options positions in AEHR as of Q3 2025

Call Positions: 12
Call Value: $89.9M
Put Positions: 11
Put Value: $57.8M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$28.0M 9.3K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$16.0M 5.3K contracts
G GRATIA CAPITAL, LLC Hedge Fund•Multi-Strategy	$12.0M 4.0K contracts
D D. E. Shaw & Co., Inc. Institution	$11.0M 3.7K contracts
J JANE STREET GROUP, LLC Institution	$8.7M 2.9K contracts
W WOLVERINE TRADING, LLC Institution	$5.5M 1.8K contracts
C Cubist Systematic Strategies, LLC Institution	$3.7M 1.2K contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$1.8M 582.0 contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$1.3M 427.0 contracts
Walleye Trading LLC RIA/Wealth	$1.1M 354.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$17.1M 5.7K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$9.6M 3.2K contracts
OZ MANAGEMENT LP Hedge Fund•Multi-Strategy	$9.0M 3.0K contracts
J JANE STREET GROUP, LLC Institution	$6.8M 2.3K contracts
C Cubist Systematic Strategies, LLC Institution	$6.6M 2.2K contracts
W WOLVERINE TRADING, LLC Institution	$3.9M 1.3K contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$2.1M 711.0 contracts
Walleye Trading LLC RIA/Wealth	$1.3M 441.0 contracts
D D. E. Shaw & Co., Inc. Institution	$584.1K 194.0 contracts
BANK OF AMERICA CORP /DE/ Institution	$469.7K 156.0 contracts

Most Committed Institutions

Institutions with AEHR as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
A AWM Investment Company, Inc. Hedge Fund•Event Driven	David Michael Greenhouse President	4.43% $47.2M	5.23% 1.6M shares	Q3 2016 Held for 9y 2m	$1.1B
G GRATIA CAPITAL, LLC Hedge Fund•Multi-Strategy	Pei Yu-Tsung Steven Managing Partner	3.84% $4.2M	0.47% 139.6K shares	Q3 2025 Held for 2 months	$109.5M
Halter Ferguson Financial Inc. RIA/Wealth	Bradford Scott Ferguson President	3.31% $13.6M	1.51% 453.0K shares	Q4 2023 Held for 1y 11m	$411.9M
Penbrook Management LLC RIA/Wealth	Robert Stephen Anderson Managing Partner	2.45% $3.5M	0.39% 116.3K shares	Q4 2023 Held for 1y 11m	$143.0M
Pier Capital, LLC Long Only Manager	Jan Eric Parsons Chairman	1.75% $11.2M	1.24% 371.0K shares	Q4 2022 Held for 2y 11m	$639.8M
BARD ASSOCIATES INC RIA/Wealth	Timothy Bard Johnson Founder	1.45% $5.5M	0.61% 181.6K shares	Q2 2025 Held for 5 months	$376.6M
R RICE HALL JAMES & ASSOCIATES, LLC Long Only Manager	Thomas W Mcdowell Chairman	0.73% $13.4M	1.48% 444.4K shares	Q1 2024 Held for 1y 8m	$1.8B
NEXT CENTURY GROWTH INVESTORS LLC Long Only Manager	Thomas Leigh Press CEO	0.62% $8.3M	0.92% 276.3K shares	Q3 2025 Held for 2 months	$1.4B
Bouvel Investment Partners, LLC RIA/Wealth	Jean Pierre Georges Bouvel Managing Partner	0.51% $1.7M	0.18% 55.1K shares	Q4 2023 Held for 1y 11m	$326.7M
Fortitude Advisory Group L.L.C. RIA/Wealth	Craig Douglas Johnsen CCO	0.36% $671.2K	0.07% 22.3K shares	Q3 2025 Held for 2 months	$185.7M

Hedge Fund Spotlight

Discover hedge funds investing in AEHR

ExodusPoint Capital Management, LP

Hedge Fund • Multi-Strategy

Portfolio ManagerMichael Robert Gelband

Portfolio Value: $7.1B
Positions: 1,351
Last Reported: Q3 2025

Sector Allocation

Position in Aehr Test Systems

Market Value: $5.4M
Shares Held: 178.7K
Portfolio Weight: 0.08%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Apple AAPL	Consumer Electronics Technology	$306.1M	4.29%
2 Ameren AEE	Regulated Electric Utilities	$103.0M	1.44%
3 Nvidia NVDA	Semiconductors Technology	$79.9M	1.12%