Waystar (NASDAQ:WAY) Hits New 52-Week High After Analyst Upgrade

Posted by Anthony Bellafiore on Sep 6th, 2024

Waystar Holding Corp. (NASDAQ:WAY – Get Free Report)’s share price reached a new 52-week high on Friday after Royal Bank of Canada raised their price target on the stock from $27.00 to $31.00. Royal Bank of Canada currently has an outperform rating on the stock. Waystar traded as high as $27.43 and last traded at $27.34, with a volume of 508376 shares changing hands. The stock had previously closed at $26.87.

Several other research analysts have also recently commented on WAY. Canaccord Genuity Group began coverage on shares of Waystar in a report on Tuesday, July 2nd. They set a “buy” rating and a $30.00 target price on the stock. Raymond James began coverage on shares of Waystar in a research note on Tuesday, July 2nd. They issued an “outperform” rating and a $30.00 price objective on the stock. Canaccord Genuity Group began coverage on shares of Waystar in a research note on Tuesday, July 2nd. They issued a “buy” rating and a $30.00 price objective on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Waystar from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, August 19th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Waystar from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $28.90.

Check Out Our Latest Research Report on Waystar

Institutional Investors Weigh In On Waystar

Several hedge funds and other institutional investors have recently bought and sold shares of WAY. Cubist Systematic Strategies LLC bought a new stake in shares of Waystar during the second quarter worth about $145,000. Scientech Research LLC bought a new stake in shares of Waystar during the second quarter worth about $289,000. Federated Hermes Inc. bought a new stake in shares of Waystar during the second quarter worth about $430,000. Sculptor Capital LP bought a new stake in shares of Waystar during the second quarter worth about $791,000. Finally, Point72 Asset Management L.P. purchased a new position in Waystar during the second quarter worth about $813,000.

Waystar Stock Performance

The business has a fifty day moving average price of $23.85.

Waystar (NASDAQ:WAY – Get Free Report) last released its earnings results on Wednesday, August 7th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.05. The company had revenue of $234.50 million during the quarter, compared to analysts’ expectations of $216.25 million. The firm’s revenue was up 19.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.07) earnings per share. Analysts forecast that Waystar Holding Corp. will post -0.08 EPS for the current fiscal year.