Waystar (NASDAQ:WAY) Cut to Equal Weight at Barclays

Barclays cut shares of Waystar (NASDAQ:WAY) from an overweight rating to an equal weight rating in a research report sent to investors on Tuesday, Marketbeat Ratings reports. Barclays currently has $30.00 price objective on the stock, up from their previous price objective of $27.00.

Several other equities research analysts have also commented on the company. KeyCorp restated an “overweight” rating on shares of Waystar in a research report on Friday, July 31st. BMO Capital Markets reissued an “outperform” rating on shares of Waystar in a research note on Thursday, August 27th. Canaccord Genuity Group increased their price target on Waystar from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Monday, August 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $33.00 price objective on shares of Waystar in a research report on Wednesday, August 26th. Finally, UBS Group lowered their price objective on shares of Waystar from $37.00 to $33.00 and set a “buy” rating for the company in a research note on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $34.67.

Waystar Price Performance

WAY stock opened at $26.51 on Tuesday. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 0.36. The firm has a market cap of $5.08 billion, a price-to-earnings ratio of 37.87, a PEG ratio of 1.04 and a beta of 0.16. The company’s fifty day simple moving average is $24.01 and its 200 day simple moving average is $22.77. Waystar has a 12-month low of $17.26 and a 12-month high of $40.35.

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

Insider Buying and Selling

In other news, CEO Matthew Hawkins sold 82,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was 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 owned 1,804,794 shares in the company, valued at $46,870,500.18. The trade was a 4.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 165,000 shares of company stock valued at $4,206,524 over the last ninety days. Company insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On Waystar

A number of large investors have recently modified their holdings of the company. Root Financial Partners LLC increased its stake in Waystar by 6,475.0% during the 1st quarter. Root Financial Partners LLC now owns 1,052 shares of the company’s stock valued at $25,000 after purchasing an additional 1,036 shares in the last quarter. Essential Partners LLC lifted its stake in shares of Waystar by 1,432.7% in the first quarter. Essential Partners LLC now owns 1,548 shares of the company’s stock valued at $37,000 after buying an additional 1,447 shares in the last quarter. OP Asset Management Ltd acquired a new position in shares of Waystar during the first quarter valued at about $58,000. State of Wyoming acquired a new position in shares of Waystar during the second quarter valued at about $74,000. Finally, New Age Alpha Advisors LLC bought a new stake in shares of Waystar during the fourth quarter worth about $170,000.

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.