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SC 13D ·Filed Sep 21, 2026

HSTM

HEALTHSTREAM INC
NEUTRAL
Impact 5/10
Horizonmonths Processed1mo ago SEC0002152025-26-000004
Activist investor acquires 5%+ stake
Actionable Insight • Neutral

The standstill agreement and lock-up provisions indicate no near-term activist campaign. Monitor for any CEO departure or third-party acquisition interest, which would trigger exceptions and potentially unlock activist moves. The registration rights suggest eventual share resale, but no immediate catalyst.

DirectionNeutral
Confidencehigh
Horizonmonths
Latest settled — T+20d
HSTM ▲ +16.41% at T+20d
NEUTRAL call +16.41% · α vs SPY +16.97% · entry $29.01 → $33.77
Next anchor: T+60d in 7w
Latest observation: T+23 +15.84% FF3 residual α
Entry = T+0 close
Sep 21, 2026
via day close
T+1d
-0.86%
call -0.86% · α -0.14%
$28.76
settled 5w ago
T+5d
+2.52%
call +2.52% · α +3.70%
$29.74
settled 29d ago
T+20d
+16.41%
call +16.41% · α +16.97%
$33.77
settled 8d ago
T+60d
Pending
in 7w

Price Chart

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Executive Summary

WJRJJ Ventures, LLC, an entity controlled by Willis Johnson, filed a Schedule 13D disclosing a 9.6% stake in HealthStream Inc. The stake was acquired through a combination of open-market purchases and a private placement, totaling 2,800,000 shares. The filing includes a 12-month standstill agreement that restricts WJRJJ from seeking board representation, initiating a takeover, or engaging in other activist activities, suggesting a passive investment intent for now.

Key Financial Metrics

Stake
9.6%
Stake Value
$81.0M
Investor
WJRJJ Ventures, LLC

Key Facts

  • WJRJJ Ventures, LLC beneficially owns 2,800,000 shares of HealthStream common stock, representing 9.6% of outstanding shares.
  • The stake was acquired via open-market purchases (1,300,000 shares for ~$36.7M) and a private placement (1,355,932 shares from the company at $29.50/share for ~$40.0M, plus 144,068 shares from the CEO at $29.50/share for ~$4.25M).
  • A 12-month standstill agreement restricts WJRJJ from seeking board seats, soliciting proxies, or proposing extraordinary transactions, with exceptions including if the CEO ceases to serve.
  • A lock-up agreement requires Willis Johnson to hold at least 1,300,000 shares until certain conditions, including the CEO's departure or a third-party acquisition.
  • A Registration Rights Agreement grants WJRJJ the right to demand registration of its shares for resale.

Financial Impact

WJRJJ invested approximately $81.0 million total ($36.7M open market + $40.0M private placement + $4.25M secondary purchase) for a 9.6% stake at an average price of ~$28.93 per share.

ownership concentrationdilution (from private placement)share price

Risk Factors

  • Standstill restrictions limit WJRJJ's ability to influence management or push for changes for 12 months.
  • Large block holder could sell shares after lock-up/registration, creating overhang.
  • Private placement at $29.50/share may signal fair value but also dilutes existing shareholders.

Investment Themes

Software & IT

Documents Analyzed

This report is based on 3 SEC documents filed with EDGAR.

DocumentAccession Number
SC 13D Filing (Primary)0002152025-26-000004
Document: 0002152025-26-000004-index.html0002152025-26-000004
Document: 0002152025-26-000004.txt0002152025-26-000004
6 reports for HSTM
Performance horizon

Track record builds as more directional reports settle.

Filters
Rows
Reports for HSTM — sortable, filterable
TypeNow
Oct 23, 2026
3d ago
144
NEUTRAL ★ 2/10
$35.16awaiting T+60—$34.19 (−2.76%)
Sep 21, 2026
5w ago
SC 13D
NEUTRAL ★ 5/10
$29.01awaiting T+60—$34.19 (+17.86%)
Sep 14, 2026
6w ago
8-K
NEUTRAL ★ 4/10
$29.63awaiting T+60—$34.19 (+15.39%)
May 8, 2026
24w ago
8-K
NEUTRAL ★ 2/10
$23.12 $28.01▲ +21.15%▲ +16.76%$34.19 (+47.88%)
May 4, 2026
25w ago
8-K
BULLISH ★ 7/10
$24.36 $28.20▲ +15.76%▲ +13.02%$34.19 (+40.35%)
Apr 10, 2026
28w ago
DEFA14A
NEUTRAL ★ 3/10
$20.37 $28.18▲ +38.34%▲ +29.42%$34.19 (+67.84%)
Showing 6 of 6

US Market Status

Market Open — Closes in 50m

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Report published Sep 21, 2026