Bank of America Corp DE Invests $53.03 Million in Waystar Holding Corp. $WAY

Key Points

• Bank of America acquired 2.58 million Waystar shares worth approximately $53.03 million, giving it a 1.35% stake in the healthcare payments technology company.
• Analyst sentiment remains broadly positive, with Waystar holding a “Moderate Buy” consensus rating and an average price target of $34.67, despite mixed target and rating changes.
• Waystar exceeded quarterly expectations, reporting $0.43 in earnings per share and $319.67 million in revenue, with revenue up 18.1% year over year.

Bank of America Corp DE bought a new position in shares of Waystar Holding Corp. (NASDAQ:WAY - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,583,119 shares of the company's stock, valued at approximately $53,031,000. Bank of America Corp DE owned 1.35% of Waystar as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Root Financial Partners LLC boosted its holdings in shares of Waystar by 6,475.0% in the first quarter. Root Financial Partners LLC now owns 1,052 shares of the company's stock worth $25,000 after buying an additional 1,036 shares during the period. Essential Partners LLC raised its holdings in shares of Waystar by 1,432.7% during the first quarter. Essential Partners LLC now owns 1,548 shares of the company's stock valued at $37,000 after acquiring an additional 1,447 shares during the period. OP Asset Management Ltd acquired a new stake in shares of Waystar during the first quarter valued at approximately $58,000. State of Wyoming purchased a new stake in shares of Waystar in the 2nd quarter valued at approximately $74,000. Finally, Cetera Trust Company N.A purchased a new stake in shares of Waystar in the 2nd quarter valued at approximately $142,000.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Truist Financial lowered their price objective on shares of Waystar from $38.00 to $33.00 and set a "buy" rating on the stock in a research report on Thursday, August 13th. Canaccord Genuity Group increased their target price on Waystar from $30.00 to $33.00 and gave the company a "buy" rating in a report on Monday, August 31st. Wall Street Zen cut Waystar from a "buy" rating to a "hold" rating in a research report on Sunday, May 24th. Wolfe Research upgraded Waystar to an "outperform" rating in a report on Thursday, August 13th. Finally, Barclays lowered Waystar from an "overweight" rating to an "equal weight" rating and upped their price target for the company from $27.00 to $30.00 in a research report on Tuesday, September 15th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Waystar currently has an average rating of "Moderate Buy" and a consensus price target of $34.67.

Waystar Price Performance

WAY stock opened at $25.66 on Monday. The company has a 50 day moving average of $24.08 and a two-hundred day moving average of $22.77. The company has a market cap of $4.92 billion, a price-to-earnings ratio of 36.66, a PEG ratio of 1.00 and a beta of 0.16. Waystar Holding Corp. has a 12-month low of $17.26 and a 12-month high of $40.35. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 0.36.

Waystar (NASDAQ:WAY - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.40 by $0.03. Waystar had a net margin of 11.18% and a return on equity of 7.03%. The business had revenue of $319.67 million for the quarter, compared to the consensus estimate of $316.21 million. During the same period in the prior year, the business posted $0.36 earnings per share. Waystar's revenue for the quarter was up 18.1% compared to the same quarter last year. On average, equities analysts anticipate that Waystar Holding Corp. will post 1.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Matthew Hawkins sold 82,500 shares of the firm's stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $25.97, for a total transaction of $2,142,525.00. Following the transaction, the chief executive officer owned 1,804,794 shares of the company's stock, valued at approximately $46,870,500.18. This trade represents a 4.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 165,000 shares of company stock valued at $4,206,524 in the last 90 days. Corporate insiders own 3.50% of the company's stock.

Waystar Profile

Waystar Holding Corp. is a healthcare payments technology company that provides cloud-based software for managing administrative and financial processes across the healthcare system. Its platform connects healthcare providers, health plans and patients, helping organizations simplify complex transactions and improve the efficiency of the revenue cycle.

The company's products and services include patient eligibility and coverage verification, claims management and submission, payment processing, prior authorization, denial and appeal management, patient billing, and related workflow automation.

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