Investors Buy Large Volume of Put Options on Waystar (NASDAQ:WAY)

Waystar Holding Corp. (NASDAQ:WAY) saw some unusual options trading on Tuesday. Stock investors bought 5,167 put options on the company. This represents an increase of 355% compared to the typical volume of 1,136 put options.

Waystar Stock Performance

Shares of WAY opened at $25.41 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.41 and a quick ratio of 3.89. The firm’s 50 day moving average is $29.44 and its 200-day moving average is $34.14. Waystar has a 12-month low of $21.13 and a 12-month high of $45.00. The stock has a market capitalization of $4.86 billion, a P/E ratio of 41.66, a P/E/G ratio of 0.31 and a beta of 0.75.

Waystar (NASDAQ:WAY) last released its earnings results on Tuesday, February 17th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.03). The business had revenue of $303.54 million for the quarter, compared to analyst estimates of $294.72 million. Waystar had a net margin of 10.20% and a return on equity of 6.86%. The firm’s revenue for the quarter was up 24.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.29 earnings per share. Waystar has set its FY 2026 guidance at 1.590-1.680 EPS. Equities research analysts anticipate that Waystar will post 0.39 EPS for the current fiscal year.

Insider Buying and Selling at Waystar

In related news, CMO Melissa F. (Missy) Miller sold 3,400 shares of the company’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $37.00, for a total transaction of $125,800.00. Following the completion of the transaction, the chief marketing officer directly owned 193,261 shares in the company, valued at $7,150,657. This represents a 1.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Christopher L. Schremser sold 8,623 shares of the stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $30.41, for a total value of $262,225.43. Following the completion of the sale, the chief technology officer directly owned 422,371 shares in the company, valued at $12,844,302.11. This represents a 2.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 61,949 shares of company stock worth $1,916,380 over the last ninety days. Company insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Waystar

Institutional investors and hedge funds have recently modified their holdings of the stock. Advent International L.P. acquired a new position in shares of Waystar in the 4th quarter valued at $362,212,000. Vanguard Group Inc. boosted its holdings in shares of Waystar by 35.5% in the third quarter. Vanguard Group Inc. now owns 12,289,810 shares of the company’s stock worth $466,030,000 after buying an additional 3,219,586 shares during the period. Alliancebernstein L.P. increased its position in shares of Waystar by 3,883.4% in the second quarter. Alliancebernstein L.P. now owns 3,268,932 shares of the company’s stock worth $133,601,000 after acquiring an additional 3,186,869 shares in the last quarter. Artisan Partners Limited Partnership purchased a new position in shares of Waystar in the third quarter worth approximately $95,497,000. Finally, Alyeska Investment Group L.P. raised its holdings in shares of Waystar by 4,717.4% during the third quarter. Alyeska Investment Group L.P. now owns 1,814,648 shares of the company’s stock valued at $68,811,000 after acquiring an additional 1,776,979 shares during the period.

Analyst Ratings Changes

WAY has been the subject of several recent analyst reports. Zacks Research cut Waystar from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 1st. Evercore set a $27.00 target price on shares of Waystar in a research report on Wednesday. Jefferies Financial Group reissued a “buy” rating and set a $41.00 target price on shares of Waystar in a research note on Wednesday. Loop Capital set a $33.00 price target on shares of Waystar in a research note on Wednesday. Finally, Barclays lowered their price objective on shares of Waystar from $42.00 to $36.00 and set an “overweight” rating on the stock in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Waystar has an average rating of “Moderate Buy” and an average price target of $37.50.

Key Stories Impacting Waystar

Here are the key news stories impacting Waystar this week:

• Positive Sentiment: Q4 top-line strength and guidance — Waystar reported Q4 revenue of ~$304M, up ~24% YoY, and issued FY2026 guidance calling for robust revenue growth and EPS of $1.590–$1.680; investors are focusing on the revenue beat and multi-year growth trajectory. PR Newswire: Waystar Reports Fourth Quarter and Fiscal Year 2025 Results
• Positive Sentiment: Swing to profitability and upbeat outlook — Commentary and coverage noted Waystar’s swing to GAAP profitability and a double-digit growth outlook for 2026, which supports investor confidence in operating leverage and margin expansion. InsiderMonkey: Waystar Climbs on Swing to Profits
• Neutral Sentiment: Mixed earnings print — EPS of $0.36 missed consensus by ~$0.03, but revenue topped estimates; management’s guidance was essentially in line with consensus, leaving the quarter mixed rather than clearly positive or negative. Benzinga: Waystar Q4 Earnings Assessment
• Negative Sentiment: Multiple price-target cuts — Several brokers trimmed targets after the report (Citigroup $46→$35, Truist $51→$38, Needham $46→$33; Mizuho also reduced its target earlier). While many kept Buy/Outperform ratings, lower targets signal moderated near-term expectations. Benzinga: Analysts Cut Forecasts on Waystar
• Negative Sentiment: Put buying spike — Unusual options activity showed a large volume of put purchases (5,167 contracts), which can indicate some traders are hedging or betting on downside volatility. (Market commentary noted the increase in puts around earnings.)
• Negative Sentiment: Analyst-flagged risks — Coverage highlighted emerging risks including competitive pressure and AI-related legal/operational concerns, which could weigh on sentiment if they affect execution or margins. TipRanks: AI Risks Loom Over Waystar
• Negative Sentiment: New 1-year low reported — Some outlets flagged that the stock tested a one-year low following the weak EPS print, underscoring short-term volatility around the report. AmericanBankingNews: Waystar Hits New 1-Year Low

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.