Capricorn Fund Managers Dumps $18.4 Million Worth of Waystar Stock in Q1
Key Points
Capricorn sold 692,554 shares of Waystar; the estimated trade size was $18.38 million based on quarterly average pricing.
The quarter-end position value dropped by $23.08 million, reflecting both trading activity and market price changes.
The transaction represented 2.87% of the fund’s reportable AUM.
After the sale, Capricorn holds 45,709 shares valued at $1.10 million.
The position now represents 0.17% of AUM, placing it outside the fund’s top five holdings.
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What happened
According to an SEC filing dated April 24, 2026, Capricorn Fund Managers reduced its stake in Waystar (NASDAQ:WAY) by 692,554 shares during the first quarter of 2026. The estimated transaction value was $18.38 million, calculated using the average unadjusted closing price for the quarter. The position’s quarter-end value fell by $23.08 million, a figure driven by both the sale and market price changes.
What else to know
Following the sale, Waystar represents 0.17% of Capricorn’s $641.43 million in U.S. equity holdings.
- Top holdings after the filing:
- Carvana: $29.87 million (4.7% of AUM)
- Bank of America: $26.18 million (4.1% of AUM)
- Zymeworks: $25.22 million (3.9% of AUM)
- Axogen: $22.78 million (3.6% of AUM)
- KKR & Co.: $19.61 million (3.1% of AUM)
As of April 23, 2026, Waystar shares were trading at $24.85, down 32.5% over the past year and underperforming the S&P 500 by 65 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close April 23, 2026) | $24.85 |
| Market capitalization | $4.76 billion |
| Revenue (TTM) | $1.10 billion |
| Net income (TTM) | $112.09 million |
Company snapshot
- Waystar provides a cloud-based software platform focused on healthcare payments, including financial clearance, patient financial care, claims and payment management, denial prevention and recovery, revenue capture, and analytics.
- Its primary customers are healthcare providers and organizations seeking to streamline and optimize payment workflows and financial operations.
- Founded in 2017 and based in Lehi, Utah, Waystar operates in the technology sector with approximately 1,500 employees.
Waystar operates at scale, with a market capitalization of $4.76 billion and trailing-12-month revenue of $1.10 billion. The company's platform addresses critical pain points in healthcare payment processing, offering integrated solutions that enhance efficiency and reduce administrative burdens for providers. Its cloud-based, SaaS business model positions it to benefit from ongoing digital transformation in healthcare financial operations.
What this transaction means for investors
Waystar IPO’d in June 2024 and saw its share price double within a year. Since then, it has almost returned to where it started, and it looks like Capricorn tried to buy the dip along the way. However, after buying shares of Waystar in Q3 and Q4 last year at around $35 per share, the firm sold the majority of its WAY stake in Q1 this year, while the stock traded near $24.
It’s impossible to say why Capricorn made this move, but it is worth noting that they typically do not hold their shares for very long, so current or prospective WAY shareholders shouldn’t panic over this news. In fact, I’d argue that Waystar is a pretty interesting stock -- especially following the decline that many new IPOs see after their initial “pop.”
While the intersection of SaaS, payments, and healthcare doesn’t really interest me, Waystar trades at only 16 times free cash flow and may have been lumped in with the broader SaaS sell-off amid AI’s rise. Guiding to grow sales by 17% in 2026, Waystar continues to leverage AI to power the bulk of its solutions. Ultimately, I think that any transparency and streamlining that enters healthcare’s financial system can only be a positive, so there is a world where Waystar is an excellent investment -- especially at its reasonable valuation. Working with 1 million healthcare providers and roughly 60% of U.S. patients, Waystar is already a powerful business in its niche.
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Bank of America is an advertising partner of Motley Fool Money. Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends KKR. The Motley Fool has a disclosure policy.
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