Health Catalyst

HCAT • NASDAQ

Health Catalyst is a medical - healthcare information services company in the healthcare sector on NASDAQ, led by Daniel Burton, with a market cap of $174.0M. As of Q3 2025, 77% of shares are held by 141 institutional investors, with First Light Asset Management, LLC as the largest holder at 19.09%.

Chief Executive OfficerDaniel Burton

Market Cap$174.0M

Medical - Healthcare Information Services

Healthcare

Employees1.3K

Websitehealthcatalyst.com

Country

United States of America

Overview

Overview of institutional ownership in HCAT as of Q3 2025 with a market cap of $200.6M

All Institutions

Institutions: 141
Value Held: $154.2M
Shares Held: 54.1M
Avg Position: $1.1M
Median Position: $77.3K

Hedge Funds

Hedge Funds: 20
Value Held: $59.7M
Shares Held: 20.9M
Avg Position: $3.0M
Median Position: $207.5K

Ownership Breakdown

Institutional (non-HF)

47.16%

$94.6M

Hedge Funds

29.74%

$59.7M

Retail & Other

23.09%

$46.3M

Based on market cap of $200.6M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in HCAT as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
First Light Asset Management, LLC Hedge Fund•Sector	Mathew Paul Arens CEO	$38.3M 3.61% of portfolio	19.09% 13.4M shares	Q3 2019 Held for 6y 2m	$1.1B
B BlackRock, Inc. Institution	-	$15.7M 0.00% of portfolio	7.82% 5.5M shares	Q3 2019 Held for 6y 2m	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$12.2M 0.00% of portfolio	6.10% 4.3M shares	Q3 2019 Held for 6y 2m	$6.69T
Whetstone Capital Advisors, LLC Hedge Fund•Long/Short	David Alan Atterbury President	$10.6M 2.94% of portfolio	5.30% 3.7M shares	Q1 2025 Held for 8 months	$361.1M
I Impax Asset Management Group plc Long Only Manager	Moise Nmn Piram President	$7.8M 0.05% of portfolio	3.91% 2.8M shares	Q3 2020 Held for 5y 2m	$17.1B
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$5.5M 0.00% of portfolio	2.72% 1.9M shares	Q4 2020 Held for 4y 11m	$466.32B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$5.0M 0.00% of portfolio	2.47% 1.7M shares	Q3 2019 Held for 6y 2m	$1.57T
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	Dan Michael Berkovitz Chairman	$4.5M 0.00% of portfolio	2.26% 1.6M shares	Q3 2019 Held for 6y 2m	$121.98B
Nepsis Capital Management, Inc. RIA/Wealth	Mark William Pearson President	$4.3M 1.37% of portfolio	2.15% 1.5M shares	Q3 2022 Held for 3y 2m	$315.3M
PRIMECAP MANAGEMENT CO/CA/ Long Only Manager	Theofanis A Kolokotrones Chairman	$3.9M 0.00% of portfolio	1.95% 1.4M shares	Q2 2020 Held for 5y 5m	$128.84B

Net Capital Flow

Institutional buying and selling activity for HCAT in Q3 2025

Traded: −$4.1M
Buyers: 78
Sellers: 66
Total Bought: +$17.9M
Total Sold: −$22.0M
Avg Position: $881.4K

Biggest Buyers

Institution	Net Bought	Current Position
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$4.4M +1.5M shares	$4.5M 1.6M shares
First Light Asset Management, LLC Hedge Fund•Sector	+$3.4M +1.2M shares	$38.3M 13.4M shares
Baird Financial Group, Inc. Private Equity	+$1.8M +617.2K shares	$1.8M 617.2K shares
P Palogic Value Management, L.P. RIA/Wealth	+$1.0M +361.7K shares	$3.1M 1.1M shares
AMH Equity Ltd Hedge Fund•Long/Short	+$663.6K +232.9K shares	$1.9M 660.0K shares
Susquehanna Portfolio Strategies, LLC Private Equity	+$656.5K +230.3K shares	$656.5K 230.3K shares
M MOORE CAPITAL MANAGEMENT, LP Hedge Fund•Global Macro	+$644.2K +226.0K shares	$1.1M 398.9K shares
GOLDMAN SACHS GROUP INC Institution	+$415.4K +145.7K shares	$1.6M 559.7K shares
H HighMark Wealth Management LLC RIA/Wealth	+$414.8K +145.5K shares	$884.3K 310.3K shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC RIA/Wealth	+$391.8K +137.5K shares	$391.8K 137.5K shares

Biggest Sellers

Institution	Net Sold	Current Position
Portolan Capital Management, LLC Hedge Fund•Long/Short	−$7.5M −2.0M shares	Sold Off 0 shares
SCHRODER INVESTMENT MANAGEMENT GROUP RIA/Wealth	−$1.8M −468.7K shares	Sold Off 0 shares
PRIMECAP MANAGEMENT CO/CA/ Long Only Manager	−$1.8M −617.6K shares	$3.9M 1.4M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	−$1.2M −311.5K shares	Sold Off 0 shares
Q Qube Research & Technologies Ltd Institution	−$1.1M −282.3K shares	Sold Off 0 shares
W Winton Capital Group Ltd Institution	−$641.4K −170.1K shares	Sold Off 0 shares
Nepsis Capital Management, Inc. RIA/Wealth	−$604.3K −212.0K shares	$4.3M 1.5M shares
PIER 88 INVESTMENT PARTNERS LLC Hedge Fund•Long/Short	−$505.4K −134.1K shares	Sold Off 0 shares
B BlackRock, Inc. Institution	−$422.3K −148.2K shares	$15.7M 5.5M shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$416.6K −110.5K shares	Sold Off 0 shares

Entry and Exit Activity

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

New Positions: 12
New Value: $1.5M
Exited Positions: 32
Exited Value: $16.7M

New Positions

Institution	Position Value
Susquehanna Portfolio Strategies, LLC Private Equity	$656.5K 230.3K shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC RIA/Wealth	$391.8K 137.5K shares
B BRIDGEWAY CAPITAL MANAGEMENT INC Long Only Manager	$270.8K 95.0K shares
W Williams & Novak, LLC Institution	$58.5K 20.5K shares
O OMERS ADMINISTRATION Corp Institution	$39.6K 13.9K shares
W WOLVERINE TRADING, LLC Institution	$36.9K 12.7K shares
FIRST HORIZON NATIONAL CORP RIA/Wealth	$4.3K 1.5K shares
O Optiver Holding B.V. Institution	$3.4K 1.2K shares
SHELTON WEALTH MANAGEMENT, LLC RIA/Wealth	$855.0 300.0 shares
Transamerica Financial Advisors, Inc. Institution	$764.0 268.0 shares

Exited Positions

Institution	Previous Position
Portolan Capital Management, LLC Hedge Fund•Long/Short	$7.5M 2.0M shares
SCHRODER INVESTMENT MANAGEMENT GROUP RIA/Wealth	$1.8M 468.7K shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	$1.2M 311.5K shares
Q Qube Research & Technologies Ltd Institution	$1.1M 282.3K shares
W Winton Capital Group Ltd Institution	$641.4K 170.1K shares
PIER 88 INVESTMENT PARTNERS LLC Hedge Fund•Long/Short	$505.4K 134.1K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$416.6K 110.5K shares
GSA CAPITAL PARTNERS LLP Hedge Fund•Quant	$408.6K 108.4K shares
CWM Advisors, LLC ETF Provider	$390.2K 103.5K shares
Engineers Gate Manager LP Hedge Fund•Quant	$374.1K 99.2K shares

Options Activity

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

Call Positions: 1
Call Value: $57.0K
Put Positions: 2
Put Value: $912.6K

Call Positions

Institution	Position Value
SHELTON WEALTH MANAGEMENT, LLC RIA/Wealth	$57.0K 200.0 contracts

Put Positions

Institution	Position Value
Crawford Fund Management, LLC Hedge Fund•Long/Short	$875.0K 3.1K contracts
W WOLVERINE TRADING, LLC Institution	$37.7K 129.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
First Light Asset Management, LLC Hedge Fund•Sector	Mathew Paul Arens CEO	3.61% $38.3M	19.09% 13.4M shares	Q3 2019 Held for 6y 2m	$1.1B
Whetstone Capital Advisors, LLC Hedge Fund•Long/Short	David Alan Atterbury President	2.94% $10.6M	5.30% 3.7M shares	Q1 2025 Held for 8 months	$361.1M
AMH Equity Ltd Hedge Fund•Long/Short	Adam Michael Hutt President	2.39% $1.9M	0.94% 660.0K shares	Q1 2025 Held for 8 months	$78.8M
Nepsis Capital Management, Inc. RIA/Wealth	Mark William Pearson President	1.37% $4.3M	2.15% 1.5M shares	Q3 2022 Held for 3y 2m	$315.3M
P Palogic Value Management, L.P. RIA/Wealth	Scott Aubrey Williams Partner	1.34% $3.1M	1.55% 1.1M shares	Q4 2024 Held for 11 months	$233.1M
H HighMark Wealth Management LLC RIA/Wealth	Todd Edward Arens Managing Partner	0.39% $884.3K	0.44% 310.3K shares	Q2 2020 Held for 5y 5m	$227.1M
S Stonepine Capital Management, LLC Institution	-	0.36% $443.3K	0.22% 155.6K shares	Q2 2025 Held for 5 months	$123.0M
M MARTIN & CO INC /TN/ RIA/Wealth	Michael Wright Holt CEO	0.26% $1.5M	0.73% 512.1K shares	Q3 2024 Held for 1y 2m	$561.9M
CVS HEALTH Corp Institution	J. David Joyner CEO	0.09% $92.0K	0.05% 32.3K shares	Q4 2021 Held for 3y 11m	$102.9M
F Forest Hill Capital, LLC Hedge Fund•Long/Short	Mark Allen Lee President	0.06% $105.5K	0.05% 37.0K shares	Q1 2025 Held for 8 months	$169.9M