Capricorn Fund Managers Dumps $18.4 Million Worth of Waystar Stock in Q1
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By Josh Kohn-Lindquist – Apr 24, 2026 at 12:47PM ESTKey PointsCapricorn 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.What happenedAccording to an SEC filing dated April 24, 2026, Capricorn Fund Managers reduced its stake in Waystar (WAY +2.21%) 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 knowFollowing 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 overviewMetricValuePrice (as of market close April 23, 2026)$24.85Market capitalization$4.76 billionRevenue (TTM)$1.10 billionNet income (TTM)$112.09 millionCompany snapshotWaystar 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 investorsWaystar 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.Read NextApr 24, 2026 •By Josh Kohn-LindquistChicago Capital Doubles Down on PROCEPT BioRobotics, Adds $27 Million in StockApr 24, 2026 •By Josh Kohn-LindquistNorth Point Sells Out of $7.5 Million Gentex Position in Q1Apr 24, 2026 •By Andy GouldBridge Generations Loads Up on International Bond ETF With $2.5 Million BuyApr 24, 2026 •By Robert IzquierdoIs Eaton Vance's EVSD ETF a Buy After Prism Advisors Initiated a Position Worth Over $15 Million?Apr 24, 2026 •By Robert IzquierdoIs Invesco's VTWG ETF a Buy After TFC Financial Purchased Shares Worth $20 Million?Apr 24, 2026 •By Robert IzquierdoAlpha and Omega Semiconductor's CFO Dumped Over 8,000 Company Shares. Here's What That Means for Investors.About the AuthorJosh Kohn-Lindquist is a contributing Motley Fool stock market analyst covering consumer goods, industrials, and technology stocks. Previously, Josh was a senior mutual fund accountant at Gemini Fund Services. He holds a bachelor’s degree in business management from the University of South Dakota.TMFJorykoX@JorykoliStocks MentionedWaystarNASDAQ: WAY$25.40(+2.21%)+$0.55*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.