Capricorn Fund Managers Trims Waystar Position in Q1

Capricorn Fund Managers has significantly reduced its position in Waystar (WAY), selling 692,554 shares during the first quarter of 2026. According to SEC filings dated April 24, the transaction was valued at approximately $18.38 million, based on the average unadjusted closing price for the quarter. The divestment follows a period of notable volatility for the healthcare payment solutions provider. As of April 23, 2026, Waystar shares were trading at $24.85, representing a 32.5% decline over the previous year. This performance marks a significant underperformance compared to the S&P 500, trailing the index by 65 percentage points. Despite the share price pressure, Waystar maintains a substantial operational footprint, serving approximately one million healthcare providers and reaching roughly 60% of U.S. patients. The company reports trailing 12-month revenue of $1.10 billion and is guiding for 17% sales growth in 2026, leveraging AI to power its cloud-based SaaS solutions. From a valuation perspective, Waystar currently trades at 16 times its free cash flow. While the recent sale by Capricorn may reflect the fund's typical short-term holding strategy, the company's market capitalization remains at $4.76 billion as it continues to digitize healthcare financial operations.