Canaccord Genuity Group Forecasts Strong Price Appreciation for Waystar (NASDAQ:WAY) Stock

Waystar (NASDAQ:WAY) had its price objective raised by stock analysts at Canaccord Genuity Group from $36.00 to $42.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 14.10% from the stock’s previous close.

Several other analysts also recently commented on the company. Raymond James raised Waystar from an “outperform” rating to a “strong-buy” rating and set a $40.00 target price for the company in a research report on Friday, November 22nd. Bank of America boosted their price target on shares of Waystar from $27.00 to $32.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Evercore ISI lifted their target price on shares of Waystar from $32.00 to $36.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. The Goldman Sachs Group upped their target price on Waystar from $34.00 to $39.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Royal Bank of Canada boosted their price objective on Waystar from $31.00 to $34.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Ten research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Waystar has an average rating of “Buy” and a consensus target price of $33.50.

Waystar Stock Performance

Shares of WAY stock traded up $0.86 during mid-day trading on Friday, reaching $36.81. 320,867 shares of the stock traded hands, compared to its average volume of 721,297. The business has a fifty day moving average price of $32.27. Waystar has a 1-year low of $20.26 and a 1-year high of $38.35. The company has a current ratio of 2.29, a quick ratio of 2.29 and a debt-to-equity ratio of 0.40.

Waystar (NASDAQ:WAY) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.03. The business had revenue of $240.10 million during the quarter, compared to analyst estimates of $223.82 million. Waystar’s revenue was up 21.7% compared to the same quarter last year. Equities research analysts forecast that Waystar will post 0.03 EPS for the current year.

Insider Buying and Selling at Waystar

In other news, CFO Steven M. Oreskovich sold 16,666 shares of Waystar stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $33.89, for a total transaction of $564,810.74. Following the completion of the sale, the chief financial officer now owns 173,642 shares in the company, valued at approximately $5,884,727.38. This trade represents a 8.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Institutional Investors Weigh In On Waystar

A number of hedge funds have recently made changes to their positions in WAY. M&T Bank Corp lifted its stake in Waystar by 116.6% in the third quarter. M&T Bank Corp now owns 63,746 shares of the company’s stock worth $1,778,000 after purchasing an additional 34,316 shares during the last quarter. Ghisallo Capital Management LLC purchased a new position in Waystar during the 2nd quarter valued at $12,900,000. Barclays PLC raised its holdings in Waystar by 701.7% in the 3rd quarter. Barclays PLC now owns 64,934 shares of the company’s stock worth $1,811,000 after purchasing an additional 56,834 shares in the last quarter. State Street Corp bought a new stake in shares of Waystar during the 3rd quarter valued at about $16,816,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Waystar during the second quarter valued at about $27,950,000.

About Waystar

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