Corebridge Financial Inc. Purchases 17,149 Shares of Waystar Holding Corp. $WAY

Key Points

• Corebridge Financial Inc. increased its stake in Waystar Holding Corp. by 79.9%, now owning 38,609 shares valued at approximately $1.44 million.
• The company reported a 15.4% increase in revenue year-over-year, totaling $270.65 million for the quarter, and earnings per share of $0.36, exceeding analysts' expectations.
• Analysts maintain a positive outlook on Waystar, with a consensus rating of "Buy" and an average price target of $44.73.

Corebridge Financial Inc. boosted its stake in shares of Waystar Holding Corp. (NASDAQ:WAY - Free Report) by 79.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,609 shares of the company's stock after buying an additional 17,149 shares during the period. Corebridge Financial Inc.'s holdings in Waystar were worth $1,442,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the stock. Gen Wealth Partners Inc purchased a new stake in Waystar during the fourth quarter worth $92,000. Amalgamated Bank grew its stake in shares of Waystar by 84.1% during the first quarter. Amalgamated Bank now owns 2,716 shares of the company's stock worth $101,000 after purchasing an additional 1,241 shares in the last quarter. KBC Group NV purchased a new stake in shares of Waystar in the first quarter valued at about $109,000. Caitong International Asset Management Co. Ltd acquired a new position in Waystar during the first quarter worth about $127,000. Finally, Cambridge Investment Research Advisors Inc. acquired a new stake in Waystar during the first quarter worth approximately $212,000.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on WAY shares. Baird R W raised shares of Waystar to a "strong-buy" rating in a report on Friday. Citigroup initiated coverage on shares of Waystar in a research note on Wednesday, June 25th. They issued a "buy" rating and a $45.00 price target on the stock. Truist Financial increased their price target on shares of Waystar from $50.00 to $51.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Robert W. Baird assumed coverage on Waystar in a research note on Friday. They set an "outperform" rating and a $44.00 price objective for the company. Finally, Mizuho started coverage on Waystar in a research note on Monday, June 30th. They issued an "outperform" rating and a $48.00 price objective for the company. Three analysts have rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $44.67.

Insider Activity at Waystar

In related news, CTO Christopher L. Schremser sold 8,623 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $34.49, for a total transaction of $297,407.27. Following the completion of the sale, the chief technology officer directly owned 438,044 shares of the company's stock, valued at $15,108,137.56. This trade represents a 1.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew J. Hawkins sold 46,667 shares of Waystar stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $34.66, for a total value of $1,617,478.22. Following the completion of the transaction, the chief executive officer directly owned 764,131 shares in the company, valued at $26,484,780.46. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 246,411 shares of company stock worth $9,110,688 in the last three months. Insiders own 4.10% of the company's stock.

Waystar Price Performance

Shares of NASDAQ:WAY traded up $3.42 during trading on Monday, reaching $40.69. The stock had a trading volume of 3,463,001 shares, compared to its average volume of 1,836,446. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.43 and a quick ratio of 3.43. Waystar Holding Corp. has a 52 week low of $25.76 and a 52 week high of $48.11. The business's 50-day moving average price is $36.77 and its 200 day moving average price is $37.97. The stock has a market capitalization of $7.09 billion, a PE ratio of 84.51, a P/E/G ratio of 0.68 and a beta of 0.78.

Waystar (NASDAQ:WAY - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. Waystar had a net margin of 8.50% and a return on equity of 5.65%. The firm had revenue of $270.65 million for the quarter, compared to analysts' expectations of $255.26 million. During the same quarter in the previous year, the firm posted $0.04 earnings per share. The company's revenue was up 15.4% on a year-over-year basis. Waystar has set its FY 2025 guidance at 1.360-1.400 EPS. As a group, equities analysts predict that Waystar Holding Corp. will post 0.39 earnings per share for the current year.

Waystar Company Profile

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