Pick two firms from the ones you bought or sold, for which the institutional ownership is the closest to the 25th percentile. Compute their residual institutional ownership. Does looking at the residual institutional ownership change your view on whether these firms fall (or do not fall) in the low institutional ownership group (below the 25th percentile)? (Hint #1: The slides denote natural logarithm as log, but Excel denotes the same thing as ln. Hint #2: Market cap in the formula is in thousand dollars.)

The two firms are FUV (IO 25.10%) and BLNK (institutional ownership 20.20%)