Bank of New York Mellon Corp Takes $15.70 Million Position in Waystar Holding Corp. $WAY

Key Points

• Bank of New York Mellon acquired 764,816 Waystar shares worth approximately $15.7 million in the second quarter, representing about 0.40% of the company.
• Analysts remain broadly positive, with Waystar receiving a consensus “Moderate Buy” rating and an average price target of $35.52, above its reported $26.18 share price.
• Waystar exceeded quarterly expectations, reporting $0.43 EPS and $319.67 million in revenue, with revenue up 18.1% year over year; CEO Matthew Hawkins separately sold about $1.5 million in shares under a pre-arranged trading plan.

Bank of New York Mellon Corp acquired a new position in Waystar Holding Corp. (NASDAQ:WAY - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 764,816 shares of the company's stock, valued at approximately $15,702,000. Bank of New York Mellon Corp owned approximately 0.40% of Waystar at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Root Financial Partners LLC raised its stake in shares of Waystar by 6,475.0% in the 1st quarter. Root Financial Partners LLC now owns 1,052 shares of the company's stock valued at $25,000 after acquiring an additional 1,036 shares in the last quarter. Essential Partners LLC lifted its holdings in Waystar by 1,432.7% in the 1st quarter. Essential Partners LLC now owns 1,548 shares of the company's stock worth $37,000 after purchasing an additional 1,447 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in Waystar by 6,005.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,160 shares of the company's stock worth $38,000 after purchasing an additional 1,141 shares during the period. Danske Bank A S bought a new stake in Waystar during the fourth quarter worth approximately $52,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Waystar by 3,219.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,394 shares of the company's stock valued at $57,000 after purchasing an additional 1,352 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on WAY shares. Needham & Company LLC reissued a "buy" rating and issued a $33.00 price target on shares of Waystar in a research report on Wednesday, August 26th. Citigroup reaffirmed a "buy" rating on shares of Waystar in a report on Monday, July 20th. Wolfe Research upgraded shares of Waystar to an "outperform" rating in a research note on Thursday, August 13th. Wall Street Zen downgraded shares of Waystar from a "buy" rating to a "hold" rating in a report on Sunday, May 24th. Finally, Canaccord Genuity Group boosted their target price on shares of Waystar from $30.00 to $33.00 and gave the stock a "buy" rating in a research report on Monday. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $35.52.

Waystar Stock Performance

NASDAQ WAY opened at $26.18 on Tuesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.85 and a quick ratio of 1.85. The firm has a market capitalization of $5.02 billion, a price-to-earnings ratio of 37.40, a P/E/G ratio of 1.02 and a beta of 0.06. The company's fifty day moving average is $23.05 and its two-hundred day moving average is $22.70. Waystar Holding Corp. has a 52-week low of $17.26 and a 52-week high of $41.47.

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

Insider Transactions at Waystar

In related news, CEO Matthew J. Hawkins sold 60,038 shares of the business's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $25.01, for a total transaction of $1,501,550.38. Following the transaction, the chief executive officer directly owned 1,835,081 shares in the company, valued at $45,895,375.81. The trade was a 3.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.50% of the stock is owned by corporate insiders.

About Waystar

Waystar NASDAQ: WAY is a leading provider of cloud-based revenue cycle management and payment solutions for healthcare organizations. The company's unified platform streamlines the entire financial continuum of patient care, from eligibility verification and claim submission to payment reconciliation and patient billing. By automating key processes and improving claim accuracy, Waystar helps providers reduce administrative overhead, accelerate cash flow and enhance overall revenue performance.

At the core of Waystar's offering is a SaaS-based architecture that integrates seamlessly with existing electronic health record (EHR) systems and payer networks.

Want to see what other hedge funds are holding WAY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Waystar Holding Corp. (NASDAQ:WAY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source