Waystar shares slip in Nasdaq debut after digital health company priced IPO in middle of range
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 07 2024
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Source: CNBC
- Waystar IPO Debut: Waystar shares dropped 3% on their Nasdaq debut, opening below the IPO price of $21.50.
- Market Trends: The IPO market has been quiet since late 2021 due to economic concerns, but recent tech companies like Reddit and Rubrik have gone public this year.
- Company Overview: Waystar offers health-care payment and revenue cycle management tools, with a market cap of about $3.5 billion.
- Financial Performance: In the quarter ending March 31, Waystar's revenue was $224.8 million, up 18% from the previous year, but reported a net loss of $15.9 million.
- Future Plans: Waystar plans to use the IPO proceeds to pay off existing debt, with JPMorgan Chase, Goldman Sachs, and Barclays leading the offering.
Analyst Views on RDDT
Wall Street analysts forecast RDDT stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for RDDT is 260.00 USD with a low forecast of 207.00 USD and a high forecast of 325.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
22 Analyst Rating
14 Buy
8 Hold
0 Sell
Moderate Buy
Current: 214.540
Low
207.00
Averages
260.00
High
325.00
Current: 214.540
Low
207.00
Averages
260.00
High
325.00
About RDDT
Reddit, Inc. operates a social platform, Reddit. Reddit is a community of communities. It is built on shared interests, passion, and trust and is home to open and authentic conversations on the Internet. Reddit is a global, digital city where anyone in the world can join a community to learn from one another, engage in authentic conversations, explore passions, research new hobbies, exchange goods and services, create new communities and experiences, share a few laughs, and find belonging. Reddit has thousands of communities, endless conversations, and authentic human connections. Communities on Reddit are organized based on specific interests and are called subreddits. Reddit offers real-time access to evolving and dynamic topics, such as sports, movies, news, fashion, and the latest trends. On Reddit, users can submit, vote, and comment on the topics they care about. It has approximately 100,000+ active communities and approximately 101+ million daily active visitors.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
