Health Catalyst Inc (HCAT): Hedge Fund Ownership & Smart Money Signals (Q1 2026)

Q: Is it too late to buy Health Catalyst Inc (HCAT) following the 2026 Q1 hedge fund 13F filings?

As of today, HCAT has moved +46.2% since the 2026 Q1 13F filing date (May 15, 2026), compared to +3.0% for the XLV sector ETF — an outperformance of +43.2%. Since the quarter end (March 31, 2026), HCAT gained +37.0% vs +1.9% for XLV. The stock has significantly outperformed its sector benchmark — the original entry opportunity has largely been captured by earlier investors.

Health Catalyst Inc (HCAT)

129 + Investors. Track Smart Money conviction in HCAT. See who's accumulating, reducing, or initiating positions.

Smart Money Signals — HCAT

Based on 130 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 4 quarters in a row

last 6Q

For 4 consecutive quarters, more hedge funds reduced or closed their HCAT positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

📊

High ownership — 78% of 3.0Y peak

78% of all-time peak

130 funds currently hold this stock — 78% of the 3.0-year high of 167 funds (reached 2024 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.

📉

Outflows — 21% fewer funds vs a year ago

fund count last 6Q

34 fewer hedge funds hold HCAT compared to a year ago (-21% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.

🟠

More sellers than buyers — 49% buying

68 buying71 selling

Last quarter: 71 funds reduced or exited vs 68 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.

📈

More new buyers each quarter (+9 vs last Q)

new funds entering per quarter

Funds opening a new HCAT position: 16 → 30 → 22 → 31. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.

🔒

54% of holders stayed for 2+ years

■ 54% conviction (2yr+) ■ 21% medium ■ 25% new

70 out of 130 hedge funds have held HCAT for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

💎

Buying through price weakness — shares +6%, value -44%

Value

-43%

+5%

Last quarter: funds added +6% more shares while total portfolio value only changed -44%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.

📈

Growing discovery — still being found

30 → 16 → 30 → 22 → 31 new funds/Q

New funds entering each quarter: 16 → 30 → 22 → 31. A growing number of institutions are discovering HCAT each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.

🏛️

Veteran-anchored — 58% veterans vs 30% newcomers

■ 58% veterans ■ 12% 1-2yr ■ 30% new

Entry-cohort mix of 139 holders: 80 (58%) are 2+ year veterans, 17 entered 1–2 years ago, and 42 (30%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.

📋

Smaller funds dominant — 16% AUM from top-100

16% from top-100 AUM funds

32 of 128 holders rank in the top 100 by AUM, but together hold only 16% of total institutional value. The stock is held primarily by smaller and mid-sized funds.

2.6

out of 10

Low Exit Risk

Exit risk score 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Metric	All 13F Filers (2026 Q1)	Prior (2025 Q4)	Change
Funds Holding	129	135	-4.44%
13F Shares	59M	55M	5.6%
Total Value	$74M	$132M	-43.84%
New Positions	30	22	+8
Increased Positions	37	38	-1
Closed Positions	36	30	+6
Reduced Positions	34	48	-14
Total Calls	5	1	400.0%
Total Puts	5	1	400.0%
PUT/CALL Ratio	1.0	1.0	Neutral

Metric

All 13F Filers (2026 Q1)

Prior (2025 Q4)

Change

Funds Holding

129

135

-4.44%

13F Shares

59M

55M

5.6%

Total Value

$74M

$132M

-43.84%

New Positions

Increased Positions

-1

Closed Positions

Reduced Positions

-14

Total Calls

400.0%

Total Puts

400.0%

PUT/CALL Ratio

1.0

Neutral

Institutional Holders (2026 Q1)

129 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in HCAT. Verified SEC 13F-HR filings.

QUARTER:

FILTER:All New Added To Reduced No Change | Overweight >5%

Top 25 HCAT holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
#	Investor	% of Portfolio	Shares	Mkt Value
1	CDC Financial, Inc.	5.09%	6,307,054	$8.0M
2	Whetstone Capital Advisors, LLC	1.88%	4,268,141	$5.4M
3	Palogic Value Management, L.P.	1.55%	2,896,600	$3.7M
4	First Light Asset Management, LLC	1.47%	12,878,700	$16.4M
5	Nepsis Inc.	0.80%	1,876,289	$2.4M
6	Whetstone Capital Advisors, LLC	0.67%	1,515,000	$1.9M
7	HighMark Wealth Management LLC	0.46%	903,082	$1.1M
8	Martin & Co Inc /Tn/	0.11%	526,186	$668K
9	Prescott Group Capital Management, L.L.C.	0.09%	710,803	$903K
10	Veradace Capital Management LLC	0.06%	50,000	$64K
11	Williams & Novak, LLC	0.03%	34,165	$40K
12	Impax Asset Management Group plc	0.02%	2,750,000	$3.5M
13	Strong Retirement Solutions LLC	0.02%	23,293	$30K
14	71 West Capital Partners	0.02%	339,515	$431K
15	Caitong International Asset Management Co., Ltd	0.02%	67,629	$86K
16	Kennedy Capital Management LLC	0.01%	509,782	$647K
17	Net Worth Advisory Group	0.01%	36,372	$46K
18	Lunt Capital Management, Inc.	0.01%	17,337	$22K
19	Nebula Research & Development LLC	0.01%	25,305	$95K
20	Caption Management, LLC	0.01%	850,000	$1.1M
21	Caption Management, LLC	0.01%	850,000	$1.1M
22	Caption Management, LLC	0.01%	771,886	$980K
23	State of Wyoming	0.00%	28,384	$36K
24	NINE MASTS CAPITAL Ltd	0.00%	22,587	$29K
25	MCF Advisors LLC	0.00%	70,000	$89K

Investor	Ownership History	% of Portfolio	Prev %	Rank	Conviction	Avg Buy Price	13F Score™ 3Y / 7Y	Sell Timing	Shares	Mkt Value	Change	Change %	Source	Quarter	Filed

Frequently Asked Questions — Health Catalyst Inc (HCAT)

What does the Smart Money Trend signal show for HCAT?

Selling streak — 4 quarters in a row: For 4 consecutive quarters, more hedge funds reduced or closed their HCAT positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for HCAT?

More sellers than buyers — 49% buying: Last quarter: 71 funds reduced or exited vs 68 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.

What is the fund quality score for HCAT holders?

Smaller funds dominant — 16% AUM from top-100: 32 of 128 holders rank in the top 100 by AUM, but together hold only 16% of total institutional value. The stock is held primarily by smaller and mid-sized funds.

How long have hedge funds held HCAT?

54% of holders stayed for 2+ years: 70 out of 130 hedge funds have held HCAT for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Is it too late to buy Health Catalyst Inc (HCAT) following the 2026 Q1 hedge fund 13F filings?

As of today, HCAT has moved +46.2% since the 2026 Q1 13F filing date (May 15, 2026), compared to +3.0% for the XLV sector ETF — an outperformance of +43.2%. Since the quarter end (March 31, 2026), HCAT has gained +37.0% vs +1.9% for XLV. The stock has significantly outperformed its sector benchmark — the original entry opportunity has largely been captured by earlier investors.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

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Health Catalyst Inc (HCAT)

Smart Money Signals — HCAT

Selling streak — 4 quarters in a row

High ownership — 78% of 3.0Y peak

Outflows — 21% fewer funds vs a year ago

More sellers than buyers — 49% buying

More new buyers each quarter (+9 vs last Q)

54% of holders stayed for 2+ years

Buying through price weakness — shares +6%, value -44%

Growing discovery — still being found

Veteran-anchored — 58% veterans vs 30% newcomers

Smaller funds dominant — 16% AUM from top-100

Institutional Sentiment Summary — HCAT

Hedge Fund Ownership: HCAT

Market Analysis: HCAT

Analyst Price Targets

Analyst Recommendations

Stock Performance

Company Profile: HCAT

Is It Too Late to Buy Health Catalyst Inc (HCAT) Based on Hedge Fund 13F Filings?

Hedge Fund Positioning: HCAT

Statistics: HCAT

Valuation Measures Data as of: --

Financial Highlights

Institutional Holders (2026 Q1)

Frequently Asked Questions — Health Catalyst Inc (HCAT)

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