Waystar Holding Corp. $WAY Stock Sold by Corient Private Wealth LP

Key Points

• Corient Private Wealth cut its Waystar position by 55.7% in the second quarter, selling 74,608 shares and retaining 59,431 shares valued at approximately $1.22 million. Other institutions, including Wellington Management, increased or initiated positions.
• Waystar insiders have also been selling shares: CEO Matthew Hawkins sold 82,500 shares for about $2.14 million under a pre-arranged Rule 10b5-1 plan, while insiders sold 165,000 shares over the past 90 days.
• Despite the selling, analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $34.67 price target. Waystar recently beat quarterly earnings and revenue estimates, reporting $0.43 EPS and $319.67 million in revenue, up 18.1% year over year.

Corient Private Wealth LP decreased its position in Waystar Holding Corp. (NASDAQ:WAY - Free Report) by 55.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,431 shares of the company's stock after selling 74,608 shares during the period. Corient Private Wealth LP's holdings in Waystar were worth $1,220,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Waystar in the 2nd quarter worth approximately $292,000. Wedmont Private Capital purchased a new stake in Waystar during the 2nd quarter valued at $1,292,000. Wellington Management Group LLP increased its holdings in shares of Waystar by 23.1% in the 2nd quarter. Wellington Management Group LLP now owns 793,481 shares of the company's stock worth $16,290,000 after purchasing an additional 148,846 shares in the last quarter. Empowered Funds LLC bought a new stake in shares of Waystar in the 2nd quarter worth $259,000. Finally, Jefferies Financial Group Inc. purchased a new position in shares of Waystar in the second quarter worth $613,000.

Insiders Place Their Bets

In other news, CEO Matthew Hawkins sold 82,500 shares of Waystar stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $25.97, for a total transaction of $2,142,525.00. Following the transaction, the chief executive officer owned 1,804,794 shares in the company, valued at $46,870,500.18. This trade represents a 4.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 165,000 shares of company stock valued at $4,206,524 in the last 90 days. 3.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

WAY has been the topic of a number of research analyst reports. Canaccord Genuity Group upped their price target on Waystar from $30.00 to $33.00 and gave the company a "buy" rating in a report on Monday, August 31st. Royal Bank Of Canada restated an "outperform" rating on shares of Waystar in a research note on Tuesday, September 15th. Wells Fargo & Company dropped their price target on shares of Waystar from $36.00 to $33.00 and set an "overweight" rating on the stock in a report on Thursday, July 30th. Truist Financial reduced their price target on shares of Waystar from $38.00 to $33.00 and set a "buy" rating for the company in a research note on Thursday, August 13th. Finally, Citigroup reissued a "buy" rating on shares of Waystar in a report on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Waystar has a consensus rating of "Moderate Buy" and a consensus price target of $34.67.

Waystar Trading Up 0.2%

Shares of NASDAQ:WAY opened at $24.70 on Friday. The stock has a market capitalization of $4.74 billion, a price-to-earnings ratio of 35.29, a PEG ratio of 0.96 and a beta of 0.16. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.85 and a current ratio of 1.85. The stock's 50-day simple moving average is $24.32 and its two-hundred day simple moving average is $22.75. Waystar Holding Corp. has a 52-week low of $17.26 and a 52-week high of $40.35.

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

Waystar Profile

Waystar Holding Corp. is a healthcare payments technology company that provides cloud-based software for managing administrative and financial processes across the healthcare system. Its platform connects healthcare providers, health plans and patients, helping organizations simplify complex transactions and improve the efficiency of the revenue cycle.

The company's products and services include patient eligibility and coverage verification, claims management and submission, payment processing, prior authorization, denial and appeal management, patient billing, and related workflow automation.

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.