Waystar Stock Is Down 32% This Past Year, but One Fund Bought Up $11.5 Million Last Quarter
Key Points
Blue Door bought 322,600 shares of Waystar, an estimated $11.49 million trade based on quarterly average pricing.
The quarter-end position value rose by $10.15 million, reflecting both share additions and price movement.
The post-trade stake stood at 402,300 shares, valued at $13.18 million.
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Blue Door Asset Management disclosed a February 17, 2026, purchase of 322,600 shares of Waystar (NASDAQ:WAY), an estimated $11.49 million trade based on quarterly average pricing.
What happened
According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, Blue Door Asset Management increased its position in Waystar by 322,600 shares. The estimated transaction value for the quarter was $11.49 million, calculated using the average unadjusted closing price during the period. At quarter-end, the position’s value increased by $10.15 million, reflecting both the share purchase and changes in share price.
What else to know
- Top five fund holdings after the report:
- NASDAQ: FLEX: $23.49 million (14.7% of AUM)
- NYSE: EPAM: $18.38 million (11.5% of AUM)
- NASDAQ: NICE: $16.15 million (10.1% of AUM)
- NASDAQ:WAY: $13.18 million (8.3% of AUM)
- NASDAQ: NXT: $13.15 million (8.2% of AUM)
- As of Friday, Waystar shares were priced at $24.16, down 31.5% over the past year and well underperforming the S&P 500’s roughly 20% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $1.10 billion |
| Net income (TTM) | $112.09 million |
| Price (as of Friday) | $24.16 |
| One-year price change | (31.5%) |
Company snapshot
- Waystar delivers a cloud-based software platform for healthcare payments, offering solutions for financial clearance, patient financial care, claims and payment management, denial prevention and recovery, revenue capture, and analytics.
- Its business model centers on providing SaaS solutions to healthcare providers and organizations seeking to optimize revenue cycle management.
- Waystar serves a broad customer base of healthcare providers, hospitals, and health systems across the United States.
Waystar operates at scale in the healthcare technology sector, leveraging a robust SaaS platform to address complex payment and revenue cycle challenges for healthcare providers. The company's integrated solutions and analytics capabilities position it as a key partner for clients aiming to improve financial performance and efficiency. With a focus on innovation and automation, Waystar seeks to maintain a competitive edge in the rapidly evolving healthcare IT landscape.
What this transaction means for investors
Waystar’s latest results highlight why the business might have attracted some more capital from Blue Door despite its recently weak stock performance. The company reported $1.10 billion in revenue for 2025, up 17% year over year, while adjusted EBITDA reached roughly $462 million, up 21% year over year and reflecting strong margins for a software platform serving healthcare providers. Meanwhile, fourth-quarter revenue climbed 24% to about $304 million, showing continued momentum as providers adopt automation tools to manage revenue cycles more efficiently.
The stock’s roughly 31% decline over the past year stands out given that growth profile, but it’s not surprising given how punishing the market has been to software stocks amid growing concerns over artificial intelligence and its impact on the sector.
Within the broader portfolio, Waystar ranks among the fund’s larger holdings at more than 8% of assets, though still smaller than positions like Flex and EPAM. Ultimately, that positioning signals conviction in healthcare software and a preference for diversification across enterprise technology and digital infrastructure. With Waystar projecting additional growth next year, including revenue of about $1.28 billion and adjusted EBITDA of $535 million at the midpoint, it becomes easy to understand why a fund like Blue Door would be doubling down right now.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends EPAM Systems, Nextpower, and Nice. The Motley Fool recommends Flex. The Motley Fool has a disclosure policy.
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