HealthEquity, Inc. (HQY)

Highly Crowded

Held by 459 of 5,944 reporting institutions (96th percentile) — extremely crowded.

Data as of Q1 2026

Institutional Ownership

98.55%

QoQ Change

-3.75%

Total Value

$6.8T

Shares Outstanding

84.5M

Crowding AnalysisHighly Crowded

Holders459of 5,944

Avg: 68

Uncrowded96th percentileCrowded

Institutional Activity

Buy/Sell Ratio0.9x

92th percentile

258 buying288 selling

+80

New

-106

Closed

-2,817,161

Net shares

Holding Period Distribution

estimate

Median: 3 QAvg: 3.3 QHolders: 459

Ownership Concentration

Top 5: 34.6%Top 10: 46.8%

BlackRock,12.7%

WASATCH ADVISORS8.7%

VANGUARD PORTFOLIO MANAGEMENT5.0%

VANGUARD CAPITAL MANAGEMENT4.6%

STATE STREET3.7%

Others (454)65.4%

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Conviction-Weighted Ownership

Median weight: 0.02%Avg weight: 0.46%Max: 4.00%High conviction (>1%): 1

BlackRock,

WASATCH ADVISORS

VANGUARD PORTFOLIO MANAGEMENT

VANGUARD CAPITAL MANAGEMENT

STATE STREET

MORGAN STANLEY

GEODE CAPITAL MANAGEMENT,

AQR CAPITAL MANAGEMENT

WILLIAM BLAIR INVESTMENT MANAGEMENT,

DIMENSIONAL FUND ADVISORS

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Whale Moves Timeline (8 Quarters)

Biggest dollar-value position changes among top 10 holders

NEWVANGUARD PORTFOLIO MANAGEMENT$348M4.2M shr

NEWVANGUARD CAPITAL MANAGEMENT$320M3.8M shr

NEWMORGAN STANLEY$208M2.5M shr

SOLDBlackRock$57M683K shr

BOUGHTWASATCH ADVISORS$51M613K shr

NEWWILLIAM BLAIR INVESTMENT MANAGEMENT$170M1.9M shr

NEWDIMENSIONAL FUND ADVISORS$145M1.6M shr

SOLDFMR$132M1.4M shr

BOUGHTWASATCH ADVISORS$26M282K shr

BOUGHTWESTFIELD CAPITAL MANAGEMENT CO$22M236K shr

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Institutional Trends (8 Quarters)

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Institutional Holders

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