Waystar (NASDAQ:WAY) Shares Down 5.4% – What’s Next?

Waystar Holding Corp. (NASDAQ:WAY)’s share price fell 5.4% during trading on Friday . The company traded as low as $39.65 and last traded at $38.46. 253,019 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 1,257,580 shares. The stock had previously closed at $40.67.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on WAY. Royal Bank of Canada boosted their price objective on Waystar from $31.00 to $34.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Jefferies Financial Group started coverage on shares of Waystar in a report on Tuesday, February 11th. They set a “buy” rating and a $51.00 price target on the stock. Evercore ISI boosted their target price on shares of Waystar from $32.00 to $36.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Bank of America lifted their price objective on Waystar from $36.00 to $43.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, The Goldman Sachs Group lifted their price objective on shares of Waystar from $44.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Eleven analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Waystar presently has a consensus rating of “Buy” and a consensus target price of $40.36.

Waystar Stock Down 8.0 %

The firm’s 50-day moving average is $40.19 and its 200 day moving average is $33.11. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.55 and a quick ratio of 2.29.

Waystar (NASDAQ:WAY) last released its quarterly earnings results on Tuesday, February 18th. The company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.11. The firm had revenue of $244.10 million during the quarter, compared to analyst estimates of $232.29 million. On average, equities research analysts forecast that Waystar Holding Corp. will post 0.39 earnings per share for the current fiscal year.

Insider Transactions at Waystar

In related news, major shareholder Canada Pension Plan Investment sold 7,517,168 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $40.00, for a total transaction of $300,686,720.00. Following the sale, the insider now directly owns 29,692,286 shares in the company, valued at approximately $1,187,691,440. This trade represents a 20.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CMO Melissa F. (Missy) Miller sold 3,400 shares of Waystar stock in a transaction on Friday, February 21st. The stock was sold at an average price of $42.15, for a total transaction of $143,310.00. Following the sale, the chief marketing officer now directly owns 43,478 shares in the company, valued at $1,832,597.70. This trade represents a 7.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 13,372,837 shares of company stock worth $527,298,461 over the last quarter.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in WAY. Norges Bank bought a new position in Waystar during the fourth quarter worth $119,387,000. Fuller & Thaler Asset Management Inc. bought a new position in shares of Waystar during the fourth quarter valued at approximately $56,804,000. Farallon Capital Management LLC bought a new position in shares of Waystar during the fourth quarter valued at approximately $49,251,000. Vanguard Group Inc. raised its position in shares of Waystar by 26.8% during the 4th quarter. Vanguard Group Inc. now owns 4,991,336 shares of the company’s stock worth $183,182,000 after purchasing an additional 1,054,180 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Waystar by 697.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,101,424 shares of the company’s stock worth $30,724,000 after purchasing an additional 963,316 shares during the last quarter.

About Waystar

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