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

Waystar (NASDAQ:WAY) had its price objective increased by equities researchers at Canaccord Genuity Group from $30.00 to $33.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 25.76% from the stock’s previous close.

A number of other research firms have also recently weighed in on WAY. Barclays lifted their price objective on shares of Waystar from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, August 7th. KeyCorp reissued an “overweight” rating on shares of Waystar in a research note on Friday, July 31st. Needham & Company LLC restated a “buy” rating and set a $33.00 target price on shares of Waystar in a research report on Wednesday, August 26th. Royal Bank Of Canada restated an “outperform” rating and issued a $44.00 price target on shares of Waystar in a research note on Thursday. Finally, Citigroup reaffirmed a “buy” rating on shares of Waystar in a report on Monday, July 20th. Three research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $35.52.

Waystar Price Performance

Shares of WAY stock opened at $26.24 on Monday. The stock has a 50 day moving average of $22.87 and a 200 day moving average of $22.68. 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 $5.03 billion, a P/E ratio of 37.49, a P/E/G ratio of 1.02 and a beta of 0.06. Waystar has a twelve month low of $17.26 and a twelve month high of $41.47.

Waystar (NASDAQ:WAY) last released 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. The business had revenue of $319.67 million for the quarter, compared to analyst estimates of $316.21 million. Waystar had a return on equity of 7.03% and a net margin of 11.18%.The business’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.36 EPS. As a group, sell-side analysts expect that Waystar will post 1.47 EPS for the current year.

Insider Buying and Selling

In other Waystar news, CEO Matthew J. Hawkins sold 60,038 shares of the company’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $25.01, for a total transaction 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 approximately $45,895,375.81. This represents a 3.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Root Financial Partners LLC boosted its holdings in Waystar by 6,475.0% in the 1st quarter. Root Financial Partners LLC now owns 1,052 shares of the company’s stock worth $25,000 after buying an additional 1,036 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in Waystar by 6,005.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,160 shares of the company’s stock valued at $38,000 after purchasing an additional 1,141 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Waystar by 3,219.0% in the 2nd 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 in the last quarter. Essential Partners LLC boosted its stake in Waystar by 1,432.7% during the 1st quarter. Essential Partners LLC now owns 1,548 shares of the company’s stock worth $37,000 after purchasing an additional 1,447 shares during the last quarter. Finally, Danske Bank A S acquired a new stake in Waystar during the 4th quarter worth $52,000.

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.