Waystar’s chief transformation officer sells $7.71 million in stock

Bridge T. Craig, the Chief Transformation Officer at Waystar Holding Corp. (NASDAQ:WAY), reported the sale of 182,914 shares of common stock, generating approximately $7.71 million. The transaction comes as Waystar, currently valued at $7.3 billion, has delivered an impressive 110% return over the past year, significantly outperforming the market. The shares were sold at an average price of $42.15 per share, as per the company’s recent SEC filing. Additionally, Craig exercised stock options to acquire 131,083 shares at $16.53 each, totaling around $2.17 million. Following these transactions, Craig holds 519,658 shares directly. These transactions were conducted under a pre-established trading plan. According to InvestingPro analysis, Waystar currently trades above its Fair Value, with a "GREAT" overall financial health score. Subscribers can access 12 additional ProTips and comprehensive valuation metrics in the Pro Research Report.

In other recent news, Waystar has introduced its new Auth Accelerate solution, designed to streamline the prior authorization process in healthcare. This development promises to significantly reduce processing time and improve auto-approval rates, addressing a common bottleneck in the industry. Meanwhile, Waystar has announced a public offering of 18 million shares by investment funds affiliated with EQT AB (ST:EQTAB), Canada Pension Plan Investment Board, and Bain Capital, LP, although the proceeds will not benefit the company directly.

Analysts have shown optimism toward Waystar’s financial prospects. Canaccord Genuity and Evercore ISI both raised their price targets for Waystar to $50, maintaining a Buy and Outperform rating, respectively, citing the company’s growth and strategic product developments. Goldman Sachs also increased its price target to $52, highlighting Waystar’s strong fourth-quarter performance in 2024, which exceeded revenue and profitability estimates. This is the third consecutive quarter of outperformance for Waystar since its IPO.

The company’s recent success is partly attributed to favorable market conditions following a cybersecurity incident at Change Healthcare (NASDAQ:CHNG), which allowed Waystar to gain new clients. Analysts like Elizabeth Anderson from Evercore ISI and Adam Hotchkiss from Goldman Sachs see continued growth potential, with Waystar’s financial health and strategic innovations positioning it well in the healthcare technology market.

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