Its an interesting question really.
Thinking about it i...i think it depends on the moment in time your looking at the "stock" sometimes its the buyers, sometimes the sellers (why are they buying and selling?) sometimes its a substantial holder accumulating or disposing...or a new substantial holder, directors, founders....it all depends on the broader goings on and sentiment and a 100 other things.
Personally when i look at a new stock i like to see substantial holders (individuals), some one sticking their neck out, i like founders and i like instos...but that's to do with my agenda.