Exploring SeaChange International, Inc. (SEAC) Investor Profile: Who’s Buying and Why?

You are looking at SeaChange International, Inc. (SEAC) and seeing a classic small-cap puzzle: a video delivery platform with a tiny market capitalization of just over $12.9 million as of April 2025, trading near $3.26 per share in November 2025, but the ownership profile tells a fascinating, counter-intuitive story. How do you reconcile a business that saw fiscal year 2024 revenue drop by a steep 34.6% to just $21.4 million with the fact that institutional ownership is essentially non-existent, sitting at a reported 0.00%? The answer lies in the people who know the company best: the insiders, who in the last year have bought a staggering $3.21 million in stock through high-impact open-market transactions, against only $16.0 thousand in sales. This is a massive vote of confidence. Are these insiders seeing a clear path to profitability that the major funds are defintely missing, or is this a high-stakes bet on a turnaround that could still fail? Dive in to see who is making these big moves and what they are betting on.

Who Invests in SeaChange International, Inc. (SEAC) and Why?

You're looking at SeaChange International, Inc. (SEAC), and the first thing to understand is that the investment profile has fundamentally changed since the sale of its core business. The stock is no longer a growth play; it is a liquidation or special-situation play. This means the investor base is now dominated by two groups: retail traders and large, concentrated private holders.

The core investment motivation for most current shareholders revolves around the discrepancy between the company's current market valuation and its expected cash-on-hand following the May 2024 asset sale to Enghouse Systems Limited. Honestly, the institutional money has largely moved on, which is typical after a voluntary delisting from Nasdaq and a move to the OTC markets.

Key Investor Types and Ownership Concentration

The SeaChange International, Inc. investor base is highly concentrated, which is a defintely critical factor. While formal institutional ownership filings (13F) show 0 institutional owners due to the company's status on the OTC market, the reality is that the float is tightly held by a few significant players and a large retail base.

Here's the quick breakdown of who is left holding the shares:

• Large Private/Insider Investors: These are the most influential players. For example, a significant stockholder holding approximately 30.5% of the outstanding common stock was key in approving the asset sale to Enghouse Systems Limited. This level of concentration means a single entity can heavily influence shareholder votes and strategic direction.
• Retail Investors: Individual investors make up the bulk of the remaining public float. They are often attracted to low-priced stocks with high-risk, high-reward profiles, especially those with a clear liquidation event or a potential for a new business venture (a shell play).
• Hedge Funds (Special Situations): A few specialized funds may still hold positions, but they are focused purely on the event-driven strategy of extracting maximum value from the cash and Net Operating Loss (NOL) carryforwards.

Investment Motivations: The Cash-Rich Shell Thesis

The primary attraction to SeaChange International, Inc. in late 2025 is a classic value-arbitrage scenario, not growth. The company sold substantially all of its product and services business to Enghouse Systems Limited in May 2024 for a total purchase price of $39 million, with net proceeds expected to be between $21 to $23 million after deductions.

As of November 20, 2025, SeaChange International, Inc.'s market capitalization is only about $7.48 million. This stark difference is what drives the investment thesis. You are essentially buying a dollar for pennies.

The company does not pay a dividend, and its business operations are minimal, so the motivations are clear:

• Liquidation Value: Investors are betting on a future cash distribution (a liquidating dividend) to shareholders. The goal is for the cash-per-share to exceed the current stock price of roughly $3.26.
• Net Operating Loss (NOL) Value: The company retained its U.S. and state NOL carryforwards. These NOLs can be used to offset future taxable income, making the shell an attractive target for a reverse merger with a profitable private company. This is a speculative bet on a future corporate transaction.

Investment Strategies: Arbitrage and Speculation

Given the post-asset sale reality, the typical strategies are short-term and event-driven, not long-term holding based on earnings growth. The stock's price-to-earnings (P/E) ratio is a negative -0.711 (TTM), so fundamental analysis is centered on the balance sheet, not the income statement.

The most common strategies you see among the current investor base are:

The investment in SeaChange International, Inc. is now a pure capital allocation problem: how will the remaining cash and NOLs be returned to or monetized for shareholders? You can find more detail on the company's strategic direction, or lack thereof, by reviewing the Mission Statement, Vision, & Core Values of SeaChange International, Inc. (SEAC).

Institutional Ownership and Major Shareholders of SeaChange International, Inc. (SEAC)

You're looking at SeaChange International, Inc. (SEAC) and seeing a stock trading at around $3.26 as of November 2025, but the investor profile is highly unusual. The direct takeaway is this: institutional investors-the large funds, banks, and pensions-have essentially exited the stock. This is a deliberate, strategic move by the company, not a market accident.

The company is no longer listed on a major exchange like NASDAQ, trading instead on the Over-The-Counter Pink Sheets (OTCPK:SEAC), and has voluntarily deregistered with the SEC. That one action fundamentally changed the investor base overnight. Most institutional mandates simply cannot hold non-SEC-reporting, low-liquidity stocks.

Top Institutional Investors: The Zero-Sum Game

As of the November 2025 reporting cycle, the list of top institutional investors is, quite literally, empty. Data shows that SeaChange International, Inc. (SEAC) has 0 institutional owners and shareholders who have filed the mandatory 13F forms with the Securities and Exchange Commission (SEC).

Here's the quick math: with approximately 3 million total shares outstanding and a recent price of $3.26 per share, the market capitalization is roughly $9.78 million. This small size, combined with the OTCPK listing, pushes it below the radar for nearly all major institutions. The total value of institutional holdings is officially $0 (millions), representing a 0.00% institutional ownership stake.

• Institutional Ownership Percentage: 0.00%
• Total Institutional Shares Held: 0
• Total Value of Holdings: $0

Changes in Ownership: The Great Institutional Exit

The most significant change in ownership wasn't a slow drift but a sharp, intentional cut. SeaChange International, Inc. announced its voluntary delisting from NASDAQ and SEC deregistration in August 2023. This move, often called 'going dark,' immediately suspended its reporting obligations, eliminating over $3 million in annual accounting and compliance expenses.

The result is a complete lack of institutional activity in the most recent fiscal periods. There are 0 reported positions that were increased, 0 that were decreased, and 0 that were held. The institutional investor base didn't just shrink; it was structurally forced to liquidate or move its holdings to the retail and private markets.

To be fair, the company also sold 'Substantially all assets related to its product and services business' to Enghouse Systems Limited, which further explains the shift in focus and the low market cap for the remaining entity. The company's strategic vision is now entirely focused on its standalone plan with a streamlined cost profile. You can read more about their direction here: Mission Statement, Vision, & Core Values of SeaChange International, Inc. (SEAC).

Impact of Institutional Investors: A Focus on Retail and Insiders

The role of institutional investors in SeaChange International, Inc.'s stock price and strategy is currently defined by their absence. Large institutional trades typically provide liquidity and price stability; without them, the stock is highly illiquid and prone to volatility from smaller trades. This is defintely a stock for the seasoned retail investor.

In this scenario, the company's strategy is less influenced by quarterly institutional pressure and more by its own management and a small core of long-term or private investors. Management is focused on reinvesting the cost savings from 'going dark' to drive the core business forward and achieve positive cash flow. This shift in focus means the company's trajectory is now heavily reliant on insider conviction and the success of its internal, long-term value creation plan, rather than external shareholder activism.

Key Investors and Their Impact on SeaChange International, Inc. (SEAC)

The investor profile for SeaChange International, Inc. (SEAC), now operating as Tiber Ventures, Inc. following the sale of its core assets, is defined by a dramatic shift from institutional ownership to a highly concentrated insider and retail base. The key takeaway is that institutional interest has nearly evaporated, leaving the company's direction largely in the hands of its largest individual shareholders and the board managing the remaining cash and Net Operating Loss carryforwards (NOLs).

You're looking at a company that is fundamentally different than it was a year ago, so the old list of major funds doesn't apply. The most recent data from November 2025 shows that the top five institutional holders collectively own a negligible stake, totaling only 0.02% of total shares held, or about 610 current shares. That's a rounding error for a major fund. This low institutional presence means the stock is highly susceptible to price swings from large individual trades, and institutional research coverage is practically non-existent.

The Disappearing Institutional Base

Before the asset sale to Enghouse Systems Limited for $39 million in May 2024, SeaChange International, Inc. had a noticeable, though small, institutional footprint. Funds like Vanguard Group Inc., BlackRock Fund Advisors, and Geode Capital Management, LLC were often cited as holders. Now, the institutional ownership structure is nearly empty, which is typical for a company that has sold its operating business and is essentially a cash shell.

Here's the quick math: when a company becomes a shell, most funds-especially those benchmarked to active indices-are forced to sell. Their mandates don't allow them to hold non-operating entities. This mass exit removes a crucial stabilizing force from the stock, which is why the share price can become volatile. The remaining institutional holders, if any, are often quantitative funds (like Renaissance Technologies LLC, historically) or those with extremely small, legacy positions.

• Vanguard Group Inc.: Historically a major holder, their current position is minimal.
• BlackRock Fund Advisors: Like Vanguard, their fiduciary duty leads to divestiture post-asset sale.
• Geode Capital Management, LLC: Minimal holdings remain, reflecting the company's new structure.

Insider Concentration and Influence

The real power in SeaChange International, Inc. now rests with insiders and a few large, non-institutional shareholders. These are the people who ultimately approved the sale and who are now overseeing the management of the remaining capital and the tender offer. Their influence is paramount, especially since the company's current value is tied almost entirely to its cash-per-share and the value of its NOLs.

A concrete example of this influence is Karen Singer, a 10% Owner, who reported a significant insider buy of 29,889 shares for $147,037 in August 2023. An insider buying in size is defintely a strong signal, even if the context has since changed. This kind of concentrated ownership can dictate the outcome of shareholder votes and company strategy, such as decisions on returning capital to shareholders.

The company's recent actions, like the tender offer for up to $6.2 million of common stock announced in June 2024, are a direct result of this influence. This action is a way to return capital to shareholders after the asset sale and is a key decision for the remaining investor base. You can dig deeper into the company's financial standing and the implications of this shift by reading Breaking Down SeaChange International, Inc. (SEAC) Financial Health: Key Insights for Investors.

Recent Capital Return Moves and Investor Action

The most important recent moves aren't about buying new shares, but about managing the existing capital structure. The asset sale and subsequent tender offer are the primary actions influencing the stock price in the 2025 fiscal year. The investor base is now focused on the final distribution of capital and the wind-down process.

The table below summarizes the key actions that have defined the investor environment in the near-term, showing where the focus has shifted from growth to capital return.

Market Impact and Investor Sentiment

You're looking at SeaChange International, Inc. (SEAC) and trying to figure out who's left in the boat and why they're still rowing. The direct takeaway is this: institutional investors have largely exited, and the current investor base is a mix of low-float retail traders and insiders betting on the company's pivot from a video delivery platform to a non-operating shell company, now officially named Tiber Ventures, Inc. The lack of major institutional filings is the story here.

As of November 2025, the general technical sentiment is bearish. We're seeing 18 technical analysis indicators signaling bearish signals versus only 8 signaling bullish signals as of November 17, 2025. Insider sentiment is currently Neutral, which means the executives and board members aren't showing a strong consensus to either buy or sell in the open market. Honestly, the stock is volatile, but it's also highly illiquid, which limits big money's ability to move in or out quickly.

• Overall investor sentiment is cautious, leaning negative.
• Short interest is low, a positive sign.
• The company is a shell; the business model changed entirely.

The Institutional Exodus and Insider Holdings

The investor profile has been completely reshaped by the 2024 sale of substantially all of SeaChange International, Inc.'s assets to Enghouse Systems Limited. This is why you won't find BlackRock or Vanguard on the top of the shareholder list with massive stakes. Data shows a staggering 0 institutional owners have filed Schedule 13D or 13F forms with the SEC, which are the mandatory disclosures for major institutional positions. This is a critical red flag for stability.

What this estimate hides is that the company is now essentially a vehicle, Tiber Ventures, Inc., with a tiny market capitalization of just $8.425 million as of November 19, 2025. When you look at the few funds that still hold a position, the top five account for only 0.02% of the total shares outstanding as of September 30, 2025. In contrast, company insiders own approximately 3.90% of the stock, which is a small but significant concentration in a low-float situation. Here's the quick math on the major holders:

For more context on the transformation, you can review SeaChange International, Inc. (SEAC): History, Ownership, Mission, How It Works & Makes Money.

Recent Market Reactions and Analyst Silence

The stock market's reaction to the company's transition has been a sharp decline and consolidation at a low price point. The stock price was $3.26 on November 19, 2025, representing a -6.86% loss over the prior two weeks. Still, the low price has triggered a technical buy signal from a 'Double Bottom Formation' on November 11, 2025, which theoretically projects a short-term price increase of 19.51% to $3.90 by December 1, 2025. This tells you the stock is now trading on technical signals and retail speculation, not fundamentals.

Analyst coverage reflects the company's new reality. SeaChange International, Inc. is technically covered by 8 analysts, but there are currently no Wall St. Ratings to be found, and one recent technical analysis downgraded the stock to a Sell Candidate on November 19, 2025. The lack of detailed research or price targets from major firms is a clear sign that the investment community has largely stopped covering the stock. When a company becomes a shell, the traditional valuation models (like discounted cash flow or DCF) are irrelevant, so analysts simply move on. What this means is that any future price movement is defintely going to be driven by speculation around the cash on the balance sheet or a potential future merger, not a core business model.

Next Step: Individual investors should monitor the SEC's EDGAR database for any Schedule 13D filings, as a new 5%+ activist investor is the only likely catalyst to change the company's direction.