Waystar Holding Corp. Common Stock

Coinbase shares slid about 4% and are down roughly 15% year to date as the Senate prepares to vote this afternoon on the CLARITY Act, the crypto regulation bill that needs 60 votes to avoid a filibuster, with Republicans holding 53 seats and needing at least seven Democrats. Other crypto-linked names including Robinhood and Bitcoin investor Strategy also traded lower, while prediction platform Polymarket puts the odds of the CLARITY Act passing at between 18 and 30%, with disputes remaining over ethics rules tied to digital asset holdings, anti-money laundering requirements and stablecoin yields. Separately, Waystar shares rose 11.5% after Reuters reported the hospital and physician payments software provider is exploring options including a sale that would take it private just two years after its New York listing, with Evercore advising and talks still at a very early stage; the stock remains down about 24% this year. Dave & Buster's shares fell 13% after the restaurant and arcade chain reported second-quarter revenue that missed the average analyst estimate, a $12.5 million loss, and a roughly 2.5% revenue decline driven by a nearly 9% drop in entertainment-related sales, with new CEO Darren Harper, about a month into the job, saying he will focus on making the chain a go-to location for special occasions and improving value for guests without giving specifics.

Sysco shares fell 1.3% in premarket trading to $82.49 after the foodservice distributor announced late Monday a $1 billion common stock offering to help partially finance its pending acquisition of Jetro Restaurant Depot. The company priced 12.35 million shares at $81 each, a discount of roughly 3% to Monday's closing price of $83.54, with the offering expected to close on September 16 and likely to result in near-term dilution for existing shareholders. Investor concerns were also heightened by the broader financing structure of the $29.1 billion Jetro Restaurant Depot acquisition, which is being funded primarily through about $21 billion of new and hybrid debt, alongside the equity offering. Waystar shares rose 3.3% to $25.73 in premarket trading after reports that the healthcare software company is exploring strategic options, including a potential sale that could take it private again just two years after its initial public offering in 2024. EQT holds the largest stake in Waystar at 13%, followed by the Canada Pension Plan Investment Board with 10% and BlackRock with 8%.

Waystar, a healthcare payment software provider, announced two executive leadership appointments to accelerate innovation and growth. Amit Khanna joins as Chief Product and Technology Officer, bringing over 25 years of enterprise technology experience, most recently leading healthcare at Salesforce. Todd Woods, a 24-year Waystar veteran, has been named Chief Commercial Officer. CEO Matt Hawkins said the appointments strengthen the leadership team and position Waystar to move faster toward future opportunities. Khanna will lead product and technology strategy, focusing on AI and automation, while Woods will lead commercial strategy and client adoption. Waystar serves over 30,000 clients and processes over 7.5 billion healthcare payment transactions annually.

Waystar Holding reported quarterly earnings of $0.43 per share, beating the Zacks Consensus Estimate of $0.40 per share and marking a 7.50% earnings surprise. Revenue for the quarter ended June 2026 came in at $319.67 million, surpassing the consensus estimate by 1.12% and up from $270.65 million a year ago. The health care payments software maker has now topped consensus EPS estimates in three of the last four quarters and revenue estimates in all four. Waystar shares have lost about 27.7% year to date, while the S&P 500 has gained 8.5%. The current consensus EPS estimate stands at $0.41 for the coming quarter and $1.65 for the full fiscal year, with revenues expected at $321.84 million and $1.28 billion respectively.

Shares of Waystar Holding spiked on Thursday after KeyBanc Capital Markets initiated coverage with an Overweight rating and a $30 price target, citing a valuation disconnect. Analyst Scott Schoenhaus argued that the cloud-based healthcare payments platform is trading at a level that does not reflect its growth profile and strong margins. A survey of hospital executives found that 25% of respondents now use Waystar after switching from UnitedHealth's Change Healthcare, with 75% very satisfied. KeyBanc's proprietary credit card data showed an uptick in healthcare utilization and Waystar's volume-based revenue in June, with preliminary data for healthcare spend looking improved. Schoenhaus also ruled out a potential impact from AI, arguing that large language models will struggle to replicate Waystar's end-to-end platform connecting 5,000 payers and over 1 million providers.