Waystar Holding Corp. (NASDAQ:WAY) Sees Significant Increase in Short Interest

Waystar Holding Corp. (NASDAQ:WAY) was the target of a large increase in short interest in March. As of March 15th, there was short interest totalling 4,430,000 shares, an increase of 50.2% from the February 28th total of 2,950,000 shares. Approximately 4.6% of the shares of the company are short sold. Based on an average trading volume of 1,980,000 shares, the short-interest ratio is presently 2.2 days.

Analysts Set New Price Targets

A number of brokerages have issued reports on WAY. Canaccord Genuity Group boosted their price target on Waystar from $42.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, February 24th. Barclays increased their price objective on shares of Waystar from $42.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Bank of America increased their price target on Waystar from $36.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Jefferies Financial Group initiated coverage on Waystar in a research note on Tuesday, February 11th. They issued a “buy” rating and a $51.00 price objective on the stock. Finally, The Goldman Sachs Group lifted their target price on Waystar from $44.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Twelve research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $40.75.

Insider Activity at Waystar

In other news, major shareholder Canada Pension Plan Investment sold 7,517,168 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $40.00, for a total transaction of $300,686,720.00. Following the completion of the transaction, the insider now owns 29,692,286 shares in the company, valued at approximately $1,187,691,440. This represents a 20.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider T. Craig Bridge sold 182,914 shares of Waystar stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $42.15, for a total transaction of $7,709,825.10. Following the completion of the sale, the insider now owns 519,658 shares in the company, valued at approximately $21,903,584.70. This represents a 26.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,356,171 shares of company stock valued at $526,733,651.

Institutional Trading of Waystar

A number of institutional investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC bought a new position in shares of Waystar in the fourth quarter valued at approximately $25,000. Mark Sheptoff Financial Planning LLC bought a new stake in Waystar in the 4th quarter valued at $48,000. Gen Wealth Partners Inc acquired a new stake in Waystar in the 4th quarter worth $92,000. RiverPark Advisors LLC increased its holdings in shares of Waystar by 25.5% during the 4th quarter. RiverPark Advisors LLC now owns 3,498 shares of the company’s stock worth $128,000 after purchasing an additional 710 shares during the period. Finally, Stifel Financial Corp acquired a new position in shares of Waystar during the third quarter valued at about $204,000.

Waystar Price Performance

NASDAQ WAY opened at $37.83 on Friday. The company has a 50 day simple moving average of $40.22 and a 200-day simple moving average of $34.34. Waystar has a 52-week low of $20.26 and a 52-week high of $48.11. 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 announced its quarterly earnings data on Tuesday, February 18th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.11. The firm had revenue of $244.10 million for the quarter, compared to analysts’ expectations of $232.29 million. Research analysts anticipate that Waystar will post 0.39 EPS for the current fiscal year.

Waystar Company Profile

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