Toast (NYSE:TOST) Shares Up 4.4% Following Insider Buying Activity

Posted by on May 18th, 2023

Toast, Inc. (NYSE:TOST – Get Rating) shares shot up 4.4% during mid-day trading on Wednesday after an insider bought additional shares in the company. The company traded as high as $19.59 and last traded at $19.56. 957,774 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 6,295,479 shares. The stock had previously closed at $18.73.

Specifically, insider Stephen Fredette sold 1,485 shares of the firm’s stock in a transaction dated Tuesday, April 4th. The shares were sold at an average price of $17.86, for a total value of $26,522.10. Following the completion of the sale, the insider now directly owns 3,425,063 shares in the company, valued at $61,171,625.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Christopher P. Comparato sold 33,333 shares of Toast stock in a transaction that occurred on Monday, March 20th. The shares were sold at an average price of $16.70, for a total transaction of $556,661.10. Following the completion of the transaction, the chief executive officer now directly owns 109,895 shares in the company, valued at $1,835,246.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Stephen Fredette sold 1,485 shares of Toast stock in a transaction that occurred on Tuesday, April 4th. The shares were sold at an average price of $17.86, for a total transaction of $26,522.10. Following the transaction, the insider now owns 3,425,063 shares of the company’s stock, valued at $61,171,625.18. The disclosure for this sale can be found here. Insiders sold 391,727 shares of company stock worth $7,509,345 over the last three months. Company insiders own 20.16% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Stephens assumed coverage on shares of Toast in a report on Thursday, April 13th. They set an “equal weight” rating and a $18.00 target price for the company. DA Davidson restated a “buy” rating on shares of Toast in a report on Monday, April 3rd. Sumitomo Mitsui Financial Group lowered shares of Toast from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $26.00 to $23.00 in a report on Friday, February 17th. BNP Paribas started coverage on shares of Toast in a report on Thursday, March 23rd. They issued a “neutral” rating and a $16.00 price objective for the company. Finally, Mizuho boosted their price objective on shares of Toast from $23.00 to $25.00 in a report on Tuesday. Nine analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $22.75.

Toast Stock Performance

The firm has a market cap of $10.76 billion, a P/E ratio of -31.43 and a beta of 1.75. The business’s 50-day simple moving average is $17.76 and its 200 day simple moving average is $19.01.

Toast (NYSE:TOST – Get Rating) last issued its quarterly earnings data on Tuesday, May 9th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.02. Toast had a negative net margin of 11.01% and a negative return on equity of 29.74%. The firm had revenue of $819.00 million during the quarter, compared to the consensus estimate of $763.11 million. During the same quarter in the previous year, the firm posted ($0.20) EPS. The company’s revenue for the quarter was up 53.1% compared to the same quarter last year. As a group, equities research analysts expect that Toast, Inc. will post -0.57 EPS for the current year.

Institutional Trading of Toast

A number of hedge funds and other institutional investors have recently bought and sold shares of TOST. Altimeter Capital Management LP increased its position in Toast by 3,508.4% in the first quarter. Altimeter Capital Management LP now owns 18,041,796 shares of the company’s stock worth $3,933,007,000 after buying an additional 17,541,796 shares in the last quarter. Durable Capital Partners LP increased its position in Toast by 85.1% in the third quarter. Durable Capital Partners LP now owns 14,705,314 shares of the company’s stock worth $245,873,000 after buying an additional 6,762,023 shares in the last quarter. Generation Investment Management LLP increased its position in Toast by 41.6% in the fourth quarter. Generation Investment Management LLP now owns 20,712,489 shares of the company’s stock worth $373,446,000 after buying an additional 6,080,658 shares in the last quarter. Vanguard Group Inc. increased its position in Toast by 23.6% in the third quarter. Vanguard Group Inc. now owns 27,413,189 shares of the company’s stock worth $458,348,000 after buying an additional 5,232,858 shares in the last quarter. Finally, FMR LLC increased its position in Toast by 20.7% in the first quarter. FMR LLC now owns 28,883,270 shares of the company’s stock worth $512,678,000 after buying an additional 4,956,535 shares in the last quarter. Hedge funds and other institutional investors own 50.82% of the company’s stock.

Toast Company Profile

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Toast, Inc operates a cloud-based and digital technology platform for the restaurant industry in the United States and Ireland. The company offers Toast Point of Sale (POS), a hardware product; Toast Order & Pay, which allows guests to order and pay from their mobile devices; Toast Flex that is used for on-counter order and pay, as well as used as a server station, guest kiosk, kitchen display system, or order fulfillment station; Toast Go, a handheld POS device that enhances the table turn times through tableside ordering and payment acceptance; and Toast Tap, a card reader.

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