Waystar (NASDAQ:WAY) Downgraded by Barclays to Equal Weight

Waystar (NASDAQ:WAY) was downgraded by research analysts at Barclays from an “overweight” rating to an “equal weight” rating in a research note issued on Tuesday, Briefing.com reports. They presently have a $30.00 price objective on the stock. Barclays‘s target price indicates a potential upside of 11.05% from the company’s previous close.

A number of other brokerages have also recently issued reports on WAY. Truist Financial lowered their target price on shares of Waystar from $38.00 to $33.00 and set a “buy” rating on the stock in a report on Thursday, August 13th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $39.00 target price on shares of Waystar in a report on Friday, July 31st. KeyCorp reissued an “overweight” rating on shares of Waystar in a research note on Friday, July 31st. UBS Group reduced their price target on Waystar from $37.00 to $33.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Finally, Citigroup reiterated a “buy” rating on shares of Waystar in a report on Monday, July 20th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $35.27.

Waystar Stock Up 8.5%

Shares of NASDAQ:WAY traded up $2.12 during mid-day trading on Tuesday, hitting $27.02. 3,013,361 shares of the company traded hands, compared to its average volume of 2,619,131. 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 $5.18 billion, a P/E ratio of 38.60, a P/E/G ratio of 0.91 and a beta of 0.16. The stock has a 50-day moving average price of $23.81 and a two-hundred day moving average price of $22.75. Waystar has a 12-month low of $17.26 and a 12-month high of $40.35.

Waystar (NASDAQ:WAY) last released its earnings results on Wednesday, July 29th. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.03. Waystar had a net margin of 11.18% and a return on equity of 7.03%. The firm had revenue of $319.67 million during the quarter, compared to the consensus estimate of $316.21 million. During the same period in the prior year, the firm earned $0.36 EPS. The company’s revenue was up 18.1% compared to the same quarter last year. On average, equities research analysts forecast that Waystar will post 1.47 earnings per share for the current year.

Insider Activity at Waystar

In related news, CEO Matthew Hawkins sold 82,500 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 1,804,794 shares in the company, valued at approximately $46,870,500.18. The trade was a 4.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 165,000 shares of company stock worth $4,206,524. 3.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Tidal Investments LLC grew its holdings in Waystar by 127.1% during the 2nd quarter. Tidal Investments LLC now owns 29,070 shares of the company’s stock valued at $597,000 after buying an additional 16,270 shares in the last quarter. WINTON GROUP Ltd bought a new stake in shares of Waystar in the 2nd quarter worth about $3,488,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Waystar during the 2nd quarter valued at about $292,000. California State Teachers Retirement System raised its position in shares of Waystar by 1,898.9% during the 2nd quarter. California State Teachers Retirement System now owns 2,813,062 shares of the company’s stock valued at $57,752,000 after buying an additional 2,672,333 shares in the last quarter. Finally, Wedmont Private Capital bought a new position in shares of Waystar in the 2nd quarter valued at about $1,292,000.

About Waystar

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.