Burkehill Global Management LP Purchases 250,000 Shares of Waystar Holding Corp. (NASDAQ:WAY)

Key Points

• Burkehill Global Management LP increased its stake in Waystar Holding Corp. by 38.5%, owning 900,000 shares after acquiring an additional 250,000 shares in the first quarter of the year.
• Analysts maintain a positive outlook on Waystar, with a consensus target price of $42.31 and twelve analysts issuing a "buy" rating on the stock.
• Insider trading has seen significant activity, with director Paul G. Moskowitz selling over 3 million shares for approximately $112.6 million, resulting in a 13.85% decrease in his ownership.

Burkehill Global Management LP boosted its stake in shares of Waystar Holding Corp. (NASDAQ:WAY - Free Report) by 38.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 900,000 shares of the company's stock after acquiring an additional 250,000 shares during the quarter. Waystar accounts for 2.5% of Burkehill Global Management LP's portfolio, making the stock its 12th largest position. Burkehill Global Management LP owned about 0.52% of Waystar worth $33,624,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Gen Wealth Partners Inc acquired a new stake in shares of Waystar in the fourth quarter valued at $92,000. Amalgamated Bank increased its stake in shares of Waystar by 84.1% in the first quarter. Amalgamated Bank now owns 2,716 shares of the company's stock valued at $101,000 after buying an additional 1,241 shares in the last quarter. KBC Group NV acquired a new stake in shares of Waystar in the first quarter valued at $109,000. RiverPark Advisors LLC increased its stake in shares of Waystar by 25.5% in the fourth quarter. RiverPark Advisors LLC now owns 3,498 shares of the company's stock valued at $128,000 after buying an additional 710 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Waystar in the first quarter valued at $212,000.

Wall Street Analyst Weigh In

WAY has been the subject of a number of research reports. Citigroup initiated coverage on Waystar in a research note on Wednesday, June 25th. They issued a "buy" rating and a $45.00 target price for the company. Canaccord Genuity Group lowered their target price on Waystar from $50.00 to $47.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Truist Financial raised their price target on Waystar from $50.00 to $51.00 and gave the company a "buy" rating in a report on Thursday, July 17th. Mizuho started coverage on Waystar in a report on Monday, June 30th. They issued an "outperform" rating and a $48.00 price target on the stock. Finally, TD Cowen upgraded Waystar to a "strong-buy" rating in a report on Thursday, June 5th. Twelve investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $42.31.

Insider Activity

In other Waystar news, major shareholder Canada Pension Plan Investment sold 4,111,357 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $37.39, for a total transaction of $153,723,638.23. Following the transaction, the insider owned 25,580,929 shares of the company's stock, valued at $956,470,935.31. The trade was a 13.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Eric L. (Ric) Sinclair III sold 9,702 shares of Waystar stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $39.16, for a total value of $379,930.32. Following the transaction, the insider owned 490,870 shares of the company's stock, valued at $19,222,469.20. This represents a 1.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 8,775,326 shares of company stock worth $328,506,609. Corporate insiders own 4.10% of the company's stock.

Waystar Trading Up 0.8%

WAY traded up $0.29 during midday trading on Thursday, reaching $35.64. 810,637 shares of the company were exchanged, compared to its average volume of 1,856,855. The company has a debt-to-equity ratio of 0.39, a quick ratio of 3.43 and a current ratio of 3.43. Waystar Holding Corp. has a one year low of $24.57 and a one year high of $48.11. The stock has a market capitalization of $6.21 billion, a P/E ratio of 74.24, a PEG ratio of 0.63 and a beta of 0.79. The stock's 50-day simple moving average is $37.63 and its 200 day simple moving average is $38.66.

Waystar (NASDAQ:WAY - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. Waystar had a return on equity of 5.65% and a net margin of 8.50%. The company had revenue of $270.65 million for the quarter, compared to analyst estimates of $255.26 million. During the same quarter last year, the firm posted $0.04 earnings per share. Waystar's revenue was up 15.4% compared to the same quarter last year. As a group, analysts forecast that Waystar Holding Corp. will post 0.39 earnings per share for the current fiscal year.

Waystar Company Profile

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