Canaccord Genuity Group Issues Positive Forecast for Waystar (NASDAQ:WAY) Stock Price

Waystar (NASDAQ:WAY) had its price target increased by analysts at Canaccord Genuity Group from $30.00 to $33.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 25.76% from the company’s current price.

Other analysts have also recently issued research reports about the company. Needham & Company LLC reissued a “buy” rating and issued a $33.00 price objective on shares of Waystar in a research report on Wednesday, August 26th. Wolfe Research raised Waystar to an “outperform” rating in a research report on Thursday, August 13th. Truist Financial decreased their price target on Waystar from $38.00 to $33.00 and set a “buy” rating for the company in a research note on Thursday, August 13th. BMO Capital Markets reissued an “outperform” rating on shares of Waystar in a report on Thursday. Finally, Wall Street Zen lowered Waystar from a “buy” rating to a “hold” rating in a research note on Sunday, May 24th. Three investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $35.52.

Waystar Stock Performance

NASDAQ:WAY opened at $26.24 on Monday. Waystar has a 52 week low of $17.26 and a 52 week high of $41.47. The firm has a 50 day moving average of $22.87 and a 200 day moving average of $22.68. 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 stock has a market capitalization of $5.03 billion, a price-to-earnings ratio of 37.49, a PEG ratio of 1.02 and a beta of 0.06.

Waystar (NASDAQ:WAY) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.03. The business had revenue of $319.67 million for the quarter, compared to analyst estimates of $316.21 million. Waystar had a net margin of 11.18% and a return on equity of 7.03%. The business’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.36 earnings per share. As a group, sell-side analysts anticipate that Waystar will post 1.47 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Matthew J. Hawkins sold 60,038 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $25.01, for a total value of $1,501,550.38. Following the completion of the transaction, the chief executive officer directly owned 1,835,081 shares in the company, valued at $45,895,375.81. This trade represents a 3.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Waystar

Several hedge funds and other institutional investors have recently bought and sold shares of WAY. Root Financial Partners LLC lifted 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 acquiring an additional 1,036 shares during the period. Essential Partners LLC increased 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 worth $37,000 after acquiring an additional 1,447 shares during the period. Smartleaf Asset Management LLC raised its holdings in shares of Waystar by 6,005.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,160 shares of the company’s stock worth $38,000 after purchasing an additional 1,141 shares during the last quarter. Danske Bank A S purchased a new position in shares of Waystar during the fourth quarter worth $52,000. Finally, EverSource Wealth Advisors LLC lifted its position in Waystar by 3,219.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,394 shares of the company’s stock valued at $57,000 after purchasing an additional 1,352 shares during the period.

About Waystar

Waystar (NASDAQ:WAY) is a leading provider of cloud-based revenue cycle management and payment solutions for healthcare organizations. The company’s unified platform streamlines the entire financial continuum of patient care, from eligibility verification and claim submission to payment reconciliation and patient billing. By automating key processes and improving claim accuracy, Waystar helps providers reduce administrative overhead, accelerate cash flow and enhance overall revenue performance.

At the core of Waystar’s offering is a SaaS-based architecture that integrates seamlessly with existing electronic health record (EHR) systems and payer networks.