The clustering of active fundamental and quant managers near-exiting simultaneously is a stronger signal than the passive Schwab entry. Monitor for an 8-K or guidance revision that could explain this coordinated selling — the 93% analyst bullish consensus creates vulnerability to a negative surprise. 13F data is 45+ days stale; confirm current positioning via Q4 filings before trading.
Executive Summary
Waystar's Q3 2024 13F cluster reveals a bearish divergence: 4 active managers (Citadel, Balyasny, Ameriprise, Legal & General) nearly exited positions totaling $32M in selling, while only $14.6M in buying materialized — led by Schwab's passive $10.2M new position. Active-manager conviction selling ($32M) more than doubled passive inflows, suggesting sophisticated capital sees headwinds for the healthcare RCM provider despite 93% analyst bullish consensus.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$17.4M
▲ Buyers (5)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Schwab | NEW | — | $10.2M | $10.2M |
| Point72 | DOUBLED | +154.1% | $2.7M | $1.9M |
| Russell Investments Group | DOUBLED | +314.4% | $1.5M | $1.2M |
▼ Sellers (4)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Citadel | NEAR_EXIT | -75.2% | $26.5M | -$18.0M |
| Balyasny Asset Management | NEAR_EXIT | -77% | $9.8M | -$6.9M |
| Ameriprise Financial | NEAR_EXIT | -79.8% | $8.9M | -$6.5M |
Key Facts
- 4 institutional sellers reduced combined holdings by $32M; all 4 executed near-exit reductions (75-87% position cuts)
- Citadel cut 75.2% ($17.9M exit from $26.5M position), the largest single-dollar seller
- Balyasny Asset Management trimmed 77% ($6.9M exit from $9.8M position)
- Ameriprise Financial reduced 79.8% ($6.5M exit from $8.9M position)
- 5 institutional buyers added $14.6M, led by Schwab passive fund's $10.2M new position — no activist or high-conviction fundamental active buyer emerged
- Net institutional outflow of ~$17.4M despite 93% analyst bullish consensus
Financial Impact
Net institutional outflow of $17.4M — $32.0M in active-manager selling vs $14.6M in buying (71% passive Schwab). Sellers reduced 75-87% of their positions.
Risk Factors
- 13F data is retrospective (quarter-end); positions may have already reversed or been fully exited
- Analyst consensus is 93% bullish, creating potential contrarian risk if the selling was sector rotation rather than company-specific
- Schwab's new $10.2M passive position provides mechanical buying support regardless of active-manager sentiment
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-WAY-2024-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 4, 2026 8w ago | 3 | $23.77 $25.76 | ▲ +8.37% | ▲ +9.61% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $18.75 $22.43 | ▼ −19.63% | ▼ −17.85% | — |
Apr 17, 2026 23w ago | DEFA14A | $26.71 $18.55 | ▼ −30.55% | ▼ −34.75% | — |
Feb 28, 2026 30w ago | Institutional Cluster | $26.25 $23.46 | ▼ −10.63% | ▼ −2.69% | — |
US Market Status
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