Waystar Sees Unusually Large Options Volume (NASDAQ:WAY)

Waystar Holding Corp. (NASDAQ:WAY) was the recipient of some unusual options trading on Friday. Traders purchased 3,100 put options on the stock. This is an increase of 969% compared to the typical daily volume of 290 put options.

Waystar Stock Performance

Shares of WAY stock opened at $28.00 on Friday. The company’s fifty day moving average price is $26.17 and its 200-day moving average price is $23.98. The stock has a market cap of $5.37 billion, a PE ratio of 40.00, a price-to-earnings-growth ratio of 1.10 and a beta of 0.18. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 0.36. Waystar has a 12 month low of $17.26 and a 12 month high of $38.10.

Waystar (NASDAQ:WAY) last posted 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. Waystar had a net margin of 11.18% and a return on equity of 7.03%. The business had revenue of $319.67 million for the quarter, compared to analyst estimates of $316.21 million. During the same quarter in the previous year, the firm posted $0.36 earnings per share. Waystar’s quarterly revenue was up 18.1% on a year-over-year basis. On average, equities analysts expect that Waystar will post 1.47 EPS for the current fiscal year.

Insider Activity

In related news, CEO Matthew Hawkins sold 82,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $26.23, for a total transaction of $2,163,975.00. Following the completion of the transaction, the chief executive officer owned 1,804,794 shares in the company, valued at $47,339,746.62. This represents a 4.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 247,500 shares of company stock worth $6,370,499 over the last 90 days. 3.50% of the stock is currently owned by insiders.

Institutional Trading of Waystar

Large investors have recently made changes to their positions in the stock. Canada Pension Plan Investment Board bought a new position in shares of Waystar in the 2nd quarter valued at about $390,593,000. BlackRock Inc. bought a new position in Waystar in the second quarter worth approximately $357,950,000. Advent International L.P. bought a new stake in shares of Waystar in the 2nd quarter valued at about $227,060,000. Jupiter Topco LLC purchased a new stake in shares of Waystar during the 2nd quarter worth $58,960,000. Finally, Bank of America Corp DE acquired a new stake in Waystar in the second quarter valued at approximately $53,031,000.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on WAY shares. KeyCorp boosted their price target on shares of Waystar from $30.00 to $35.00 and gave the company an “overweight” rating in a research report on Friday, October 16th. BMO Capital Markets restated an “outperform” rating on shares of Waystar in a report on Thursday, August 27th. Wells Fargo & Company cut their price objective on Waystar from $36.00 to $33.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. Morgan Stanley reiterated an “equal weight” rating and set a $28.00 target price on shares of Waystar in a report on Wednesday, September 16th. Finally, Canaccord Genuity Group upped their target price on Waystar from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Monday, August 31st. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Waystar currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.90.

About Waystar

Waystar Holding Corp. is a healthcare technology company that provides cloud-based software designed to simplify administrative and financial processes across the healthcare industry. Its platform connects healthcare providers, health plans and patients, helping organizations manage revenue cycle operations and improve the flow of information and payments.

The company’s products and services include electronic claims management, eligibility and benefits verification, prior authorization, payment integrity, denial management, patient estimates and payments, billing automation, and healthcare analytics.