Adage Capital Partners GP L.L.C. Sells 349,044 Shares of Waystar Holding Corp. $WAY

Key Points

• Adage Capital Partners GP L.L.C. has significantly reduced its stake in Waystar Holding Corp. by selling 349,044 shares, decreasing their ownership by 60.1% to 232,000 shares valued at approximately $8.67 million.
• Several institutional investors have increased their positions in Waystar, with Vanguard Group Inc. boosting shares by 62.1%, now owning over 8 million shares worth about $302 million.
• Waystar received positive ratings from analysts, including a "strong-buy" rating from TD Cowen and an “outperform” rating with a price target of $48 from Mizuho, indicating strong market confidence in the stock.

Adage Capital Partners GP L.L.C. lowered its holdings in Waystar Holding Corp. (NASDAQ:WAY - Free Report) by 60.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 232,000 shares of the company's stock after selling 349,044 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.13% of Waystar worth $8,668,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its position in shares of Waystar by 21.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,271 shares of the company's stock valued at $634,000 after acquiring an additional 3,070 shares during the period. Northern Trust Corp boosted its holdings in Waystar by 4.9% in the 4th quarter. Northern Trust Corp now owns 376,005 shares of the company's stock valued at $13,799,000 after purchasing an additional 17,398 shares during the period. Schonfeld Strategic Advisors LLC acquired a new stake in Waystar in the 4th quarter worth $503,000. Comerica Bank increased its holdings in shares of Waystar by 3,523.5% during the 4th quarter. Comerica Bank now owns 42,467 shares of the company's stock worth $1,559,000 after purchasing an additional 41,295 shares during the period. Finally, Ameriprise Financial Inc. raised its position in shares of Waystar by 76.3% during the fourth quarter. Ameriprise Financial Inc. now owns 146,375 shares of the company's stock valued at $5,372,000 after buying an additional 63,326 shares during the last quarter.

Insider Activity

In other news, insider Eric L. (Ric) Sinclair III sold 9,702 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $35.11, for a total transaction of $340,637.22. Following the completion of the sale, the insider owned 490,870 shares of the company's stock, valued at approximately $17,234,445.70. This trade represents a 1.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider T. Craig Bridge sold 85,000 shares of the business's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $37.09, for a total value of $3,152,650.00. Following the completion of the transaction, the insider directly owned 682,843 shares in the company, valued at $25,326,646.87. The trade was a 11.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 237,788 shares of company stock valued at $8,760,767. Corporate insiders own 4.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on WAY shares. Truist Financial lifted their target price on Waystar from $50.00 to $51.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. TD Cowen upgraded Waystar to a "strong-buy" rating in a research report on Thursday, June 5th. Mizuho initiated coverage on Waystar in a research note on Monday, June 30th. They issued an "outperform" rating and a $48.00 target price for the company. Robert W. Baird started coverage on shares of Waystar in a research note on Friday. They set an "outperform" rating and a $44.00 price target on the stock. Finally, Baird R W raised shares of Waystar to a "strong-buy" rating in a report on Friday. Three equities research analysts have rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $44.67.

Waystar Price Performance

NASDAQ:WAY traded up $0.03 during trading hours on Tuesday, reaching $40.89. The company had a trading volume of 2,552,811 shares, compared to its average volume of 1,605,425. The company has a quick ratio of 3.43, a current ratio of 3.43 and a debt-to-equity ratio of 0.39. The stock has a 50-day moving average of $36.80 and a two-hundred day moving average of $37.98. Waystar Holding Corp. has a one year low of $25.76 and a one year high of $48.11. The firm has a market capitalization of $7.12 billion, a PE ratio of 85.19, a PEG ratio of 0.75 and a beta of 0.78.

Waystar (NASDAQ:WAY - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.33 by $0.03. Waystar had a net margin of 8.50% and a return on equity of 5.65%. The company had revenue of $270.65 million for the quarter, compared to the consensus estimate of $255.26 million. During the same quarter in the previous year, the company earned $0.04 EPS. The firm's revenue for the quarter was up 15.4% compared to the same quarter last year. Waystar has set its FY 2025 guidance at 1.360-1.400 EPS. Analysts forecast that Waystar Holding Corp. will post 0.39 earnings per share for the current year.

About Waystar

Waystar Holding Corp. is a software company which provide healthcare payments. Waystar Holding Corp. is based in LEHI, Utah.