Diamond Hill Capital Management LLC Investment Advisor Purchases Shares of 2,109,793 Waystar Holding Corp. $WAY

Key Points

• Diamond Hill Capital Management acquired 2.11 million Waystar shares worth approximately $43.3 million, establishing a 1.10% stake. Several other institutional investors also increased or initiated positions.
• Waystar reported quarterly revenue of $319.67 million, up 18.1% year over year, and adjusted earnings of $0.43 per share, exceeding analyst expectations.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $35, compared with the stock’s recent price near $24.78. CEO Matthew Hawkins separately sold 60,038 shares under a pre-arranged trading plan.

Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in shares of Waystar Holding Corp. (NASDAQ:WAY - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,109,793 shares of the company's stock, valued at approximately $43,314,000. Diamond Hill Capital Management LLC Investment Advisor owned about 1.10% of Waystar at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Advent International L.P. bought a new stake in shares of Waystar in the 4th quarter valued at about $362,212,000. Alliancebernstein L.P. grew its position in Waystar by 3,883.4% during the 2nd quarter. Alliancebernstein L.P. now owns 3,268,932 shares of the company's stock worth $133,601,000 after acquiring an additional 3,186,869 shares during the last quarter. Alyeska Investment Group L.P. grew its position in Waystar by 4,717.4% during the 3rd quarter. Alyeska Investment Group L.P. now owns 1,814,648 shares of the company's stock worth $68,811,000 after acquiring an additional 1,776,979 shares during the last quarter. Bamco Inc. NY purchased a new position in Waystar in the 4th quarter worth approximately $45,642,000. Finally, Norges Bank bought a new stake in Waystar in the fourth quarter valued at approximately $44,627,000.

Insider Buying and Selling

In other Waystar news, CEO Matthew J. Hawkins sold 60,038 shares of the company's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $25.01, for a total value of $1,501,550.38. Following the completion of the transaction, the chief executive officer directly owned 1,835,081 shares in the company, valued at approximately $45,895,375.81. This represents a 3.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.50% of the company's stock.

Waystar Price Performance

Shares of WAY stock opened at $24.78 on Monday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.85 and a current ratio of 1.85. Waystar Holding Corp. has a fifty-two week low of $17.26 and a fifty-two week high of $41.47. The firm has a market cap of $4.75 billion, a P/E ratio of 35.40, a P/E/G ratio of 0.96 and a beta of 0.06. The business's 50 day moving average price is $21.62 and its 200-day moving average price is $22.73.

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

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on WAY. Wall Street Zen lowered Waystar from a "buy" rating to a "hold" rating in a research note on Sunday, May 24th. Truist Financial decreased their target price on shares of Waystar from $38.00 to $33.00 and set a "buy" rating on the stock in a research note on Thursday. UBS Group lowered their price target on shares of Waystar from $37.00 to $33.00 and set a "buy" rating for the company in a report on Thursday, July 30th. KeyCorp reissued an "overweight" rating on shares of Waystar in a research report on Friday, July 31st. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $39.00 price target on shares of Waystar in a report on Friday, July 31st. Three investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Waystar presently has a consensus rating of "Moderate Buy" and an average price target of $35.00.

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.

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