Wedmont Private Capital Acquires New Position in Waystar Holding Corp. $WAY

Key Points

• Wedmont Private Capital acquired 57,599 Waystar shares during the second quarter, valued at approximately $1.29 million. Several major institutions, including Canada Pension Plan Investment Board and BlackRock, also initiated sizable positions.
• Analyst sentiment remains broadly positive, with an overall “Moderate Buy” rating and a consensus price target of $35.14. Wolfe Research upgraded the stock to “Outperform,” while Deutsche Bank maintained a “Buy” rating with a $39 target.
• Waystar exceeded quarterly expectations, reporting $0.43 in EPS and $319.67 million in revenue, up 18.1% year over year. However, CEO Matthew Hawkins sold 82,500 shares under a pre-arranged trading plan, and the stock opened at $24.24 after a reported 3.3% decline.

Wedmont Private Capital bought a new position in shares of Waystar Holding Corp. (NASDAQ:WAY - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 57,599 shares of the company's stock, valued at approximately $1,292,000.

A number of other hedge funds have also bought and sold shares of the stock. Canada Pension Plan Investment Board purchased a new position in shares of Waystar in the second quarter worth $390,593,000. BlackRock Inc. purchased a new stake in shares of Waystar during the second quarter valued at $357,950,000. Advent International L.P. acquired a new position in shares of Waystar in the 2nd quarter valued at $227,060,000. Alliancebernstein L.P. increased its position in shares of Waystar by 3,883.4% in the 2nd quarter. Alliancebernstein L.P. now owns 3,268,932 shares of the company's stock valued at $133,601,000 after acquiring an additional 3,186,869 shares during the period. Finally, Jupiter Topco LLC purchased a new position in Waystar in the 2nd quarter worth $58,960,000.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Wolfe Research raised Waystar to an "outperform" rating in a research report on Thursday, August 13th. KeyCorp restated an "overweight" rating on shares of Waystar in a research note on Friday, July 31st. Wall Street Zen downgraded Waystar from a "buy" rating to a "hold" rating in a report on Sunday, May 24th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $39.00 target price on shares of Waystar in a research report on Friday, July 31st. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Waystar in a report on Thursday, August 27th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $35.14.

Insider Activity

In related news, CEO Matthew Hawkins sold 82,500 shares of the business's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $25.97, for a total value of $2,142,525.00. Following the completion of the transaction, the chief executive officer directly owned 1,804,794 shares in the company, valued at $46,870,500.18. The trade was a 4.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 165,000 shares of company stock valued at $4,206,524. Insiders own 3.50% of the company's stock.

Waystar Stock Down 3.3%

Shares of WAY stock opened at $24.24 on Wednesday. The stock has a 50 day moving average of $23.75 and a 200 day moving average of $22.78. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 0.36. The stock has a market cap of $4.65 billion, a P/E ratio of 34.63, a P/E/G ratio of 0.98 and a beta of 0.16. Waystar Holding Corp. has a twelve month low of $17.26 and a twelve month high of $41.47.

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

Waystar Company 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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