Healthcare Triangle
HCTI on Nasdaq. Market value $9m.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
What to watch out for
Read the warning sign in its own filings
This is not advice.
Who owns it
None of the long-term investors we follow own it. 8 funds in all.
Largest holders overall
- Bank of Montreal /can$36,200Added
- Geode Capital Management$21,674Cut
- UBS Group AG$16,034Cut
- Tower Research Capital LLC (TRC)$2,378Added
- Vanguard Capital Management$1,555
- Barclays$561New
- JPMorgan Chase$38New
- Danske Bank A/S$2
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
- L1 Capital Global Opportunities Master Fund, Ltd.Passive investorSold down below 5%Since 14 August 2025
- Orca Capital AGPassive investorSold down below 5%Since 4 March 2026
- East West Capital, LLCPassive investorSold down below 5%Since 15 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
L1 Capital Global Opportunities Master Fund, Ltd. Passive investor | Sold down below 5% | 14 August 2025 | |
Orca Capital AG Passive investor | Sold down below 5% | 4 March 2026 | |
East West Capital, LLC Passive investor | Sold down below 5% | 15 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Healthcare Triangle’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 15 Apr 2026, plus the 10-Q filed 13 Aug 2026 and 7 later 8-Ks.
Its past accounts can't be relied on
SeriousIt told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.
8-K Item 4.02 filed 18 Feb 2025: the company said its earlier financial statements should no longer be relied on.
From an 8-K filed 18 February 2025: Previously issued accounts should no longer be relied on. Open the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On April 10, 2025 (the “Termination Date”), the board of directors of Healthcare Triangle, Inc. (the “Company”) directed the Company to notify M&K CPAS, PLLC (“M&K”) that the Company is dismissing M&K (the “Former Auditor”) as the independent registered public accounting firm of the Company.”
From an 8-K filed 11 April 2025: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.