Millennium Management LLC Acquires 215,487 Shares of Waystar Holding Corp. $WAY

Key Points

• Millennium Management LLC increased its stake in Waystar Holding Corp. by 32.6%, purchasing an additional 215,487 shares and now owns a total of 876,095 shares worth approximately $32.7 million.
• Recent trading by insiders includes Christopher L. Schremser selling 8,623 shares and Eric L. Sinclair III selling 19,404 shares, reflecting a decrease in their respective holdings.
• Waystar reported a quarterly EPS of $0.36, exceeding analyst expectations, and experienced a 15.4% year-over-year revenue growth of $270.65 million.

Millennium Management LLC increased its holdings in shares of Waystar Holding Corp. (NASDAQ:WAY - Free Report) by 32.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 876,095 shares of the company's stock after buying an additional 215,487 shares during the period. Millennium Management LLC owned about 0.51% of Waystar worth $32,731,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its position in Waystar by 170.4% during the 1st quarter. Victory Capital Management Inc. now owns 178,024 shares of the company's stock worth $6,651,000 after buying an additional 112,179 shares during the period. Teacher Retirement System of Texas boosted its position in Waystar by 107.9% during the 1st quarter. Teacher Retirement System of Texas now owns 40,042 shares of the company's stock worth $1,496,000 after buying an additional 20,780 shares during the period. Amalgamated Bank boosted its position in Waystar by 84.1% during the 1st quarter. Amalgamated Bank now owns 2,716 shares of the company's stock worth $101,000 after buying an additional 1,241 shares during the period. Vanguard Group Inc. boosted its position in Waystar by 62.1% during the 1st quarter. Vanguard Group Inc. now owns 8,090,547 shares of the company's stock worth $302,263,000 after buying an additional 3,099,211 shares during the period. Finally, Cambridge Investment Research Advisors Inc. acquired a new position in shares of Waystar in the 1st quarter worth approximately $212,000.

Wall Street Analyst Weigh In

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

Waystar Stock Up 0.6%

WAY stock traded up $0.24 during midday trading on Tuesday, reaching $38.25. 3,861,656 shares of the company's stock traded hands, compared to its average volume of 2,357,674. The company has a market cap of $6.66 billion, a price-to-earnings ratio of 79.69, a P/E/G ratio of 0.69 and a beta of 0.78. The firm's fifty day moving average price is $36.77 and its 200-day moving average price is $37.84. The company has a quick ratio of 3.43, a current ratio of 3.43 and a debt-to-equity ratio of 0.39. Waystar Holding Corp. has a 52 week low of $26.26 and a 52 week high of $48.11.

Waystar (NASDAQ:WAY - Get Free Report) last announced 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. The company had revenue of $270.65 million during the quarter, compared to the consensus estimate of $255.26 million. Waystar had a net margin of 8.50% and a return on equity of 5.65%. The firm's revenue for the quarter was up 15.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.04 earnings per share. Waystar has set its FY 2025 guidance at 1.360-1.400 EPS. As a group, sell-side analysts forecast that Waystar Holding Corp. will post 0.39 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CTO Christopher L. Schremser sold 8,623 shares of the stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $40.49, for a total transaction of $349,145.27. Following the completion of the transaction, the chief technology officer owned 422,371 shares in the company, valued at approximately $17,101,801.79. This represents a 2.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Steven M. Oreskovich sold 16,666 shares of the stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $40.49, for a total transaction of $674,806.34. Following the transaction, the chief financial officer owned 354,512 shares of the company's stock, valued at approximately $14,354,190.88. The trade was a 4.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,662,620 shares of company stock valued at $182,378,961 over the last 90 days. 4.10% of the stock is currently owned by company insiders.

Waystar Profile

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