Renaissance Technologies LLC Lowers Stock Position in Waystar Holding Corp. $WAY

Key Points

• Renaissance Technologies cut its Waystar stake by 60.5% in the first quarter, selling 649,100 shares and retaining 423,200 shares worth approximately $10.2 million.
• Other institutional investors generally increased their exposure, including Goldman Sachs, which raised its position by 13.4%, and Mirae Asset Global ETFs Holdings, which increased its holdings by 91.1%.
• Waystar exceeded quarterly expectations, reporting $0.43 in EPS versus $0.40 expected and 18.1% year-over-year revenue growth to $319.67 million. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $35.14, above the stock’s reported $21.11 price.

Renaissance Technologies LLC decreased its holdings in Waystar Holding Corp. (NASDAQ:WAY - Free Report) by 60.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 423,200 shares of the company's stock after selling 649,100 shares during the quarter. Renaissance Technologies LLC owned about 0.22% of Waystar worth $10,203,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Royal Bank of Canada grew its stake in shares of Waystar by 11.3% in the 1st quarter. Royal Bank of Canada now owns 21,609 shares of the company's stock valued at $808,000 after purchasing an additional 2,195 shares during the last quarter. AQR Capital Management LLC purchased a new stake in shares of Waystar during the first quarter worth approximately $203,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Waystar by 91.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,911 shares of the company's stock worth $1,753,000 after purchasing an additional 22,364 shares during the period. NewEdge Advisors LLC purchased a new position in Waystar in the 1st quarter valued at $234,000. Finally, Goldman Sachs Group Inc. grew its position in Waystar by 13.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 747,268 shares of the company's stock valued at $27,918,000 after buying an additional 88,256 shares during the last quarter.

Waystar Stock Performance

NASDAQ WAY opened at $21.11 on Monday. The stock has a market cap of $4.05 billion, a price-to-earnings ratio of 30.16, a price-to-earnings-growth ratio of 0.82 and a beta of 0.06. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 0.36. The business has a fifty day moving average of $20.80 and a 200-day moving average of $23.14. Waystar Holding Corp. has a fifty-two week low of $17.26 and a fifty-two 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 return on equity of 7.03% and a net margin of 11.18%.The business had revenue of $319.67 million for the quarter, compared to analysts' expectations of $316.21 million. During the same quarter last year, the firm earned $0.36 earnings per share. The business's revenue was up 18.1% on a year-over-year basis. As a group, analysts predict that Waystar Holding Corp. will post 1.47 earnings per share for the current fiscal year.

Analyst Ratings Changes

WAY has been the topic of several recent analyst reports. Needham & Company LLC reiterated a "buy" rating and set a $33.00 target price on shares of Waystar in a research report on Thursday. JPMorgan Chase & Co. decreased their price target on Waystar from $40.00 to $38.00 and set an "overweight" rating on the stock in a research note on Thursday, April 30th. Barclays dropped their price objective on Waystar from $36.00 to $25.00 and set an "overweight" rating on the stock in a report on Wednesday, May 20th. KeyCorp reissued an "overweight" rating on shares of Waystar in a report on Friday. Finally, Bank of America decreased their target price on shares of Waystar from $45.00 to $38.00 and set a "buy" rating on the stock in a research report on Friday, April 10th. Three analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $35.14.

Waystar Profile

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.

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