Toast (NYSE:TOST) Stock Price Down 3% Following Insider Selling

Toast, Inc. (NYSE:TOST)’s share price was down 3% on Wednesday following insider selling activity. The company traded as low as $25.19 and last traded at $25.20. Approximately 2,383,347 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 8,075,104 shares. The stock had previously closed at $25.99.

Specifically, General Counsel Brian R. Elworthy sold 2,573 shares of Toast stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $25.64, for a total value of $65,971.72. Following the transaction, the general counsel now owns 170,531 shares in the company, valued at $4,372,414.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Toast news, CFO Elena Gomez sold 12,500 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $25.43, for a total value of $317,875.00. Following the completion of the transaction, the chief financial officer now owns 200,561 shares of the company’s stock, valued at approximately $5,100,266.23. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, General Counsel Brian R. Elworthy sold 2,573 shares of the firm’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $25.64, for a total transaction of $65,971.72. Following the completion of the transaction, the general counsel now owns 170,531 shares of the company’s stock, valued at approximately $4,372,414.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 229,253 shares of company stock valued at $5,630,212. Corporate insiders own 13.32% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the company. Wedbush reaffirmed an “outperform” rating and set a $30.00 target price on shares of Toast in a report on Thursday, May 30th. Robert W. Baird downgraded shares of Toast from an “outperform” rating to a “neutral” rating and set a $28.00 price target on the stock. in a research report on Tuesday, May 21st. UBS Group increased their price objective on shares of Toast from $22.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, March 28th. Canaccord Genuity Group upped their price target on shares of Toast from $22.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Finally, Baird R W lowered Toast from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 21st. One analyst has rated the stock with a sell rating, ten have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $26.14.

Toast Stock Performance

The company’s 50 day moving average price is $24.72 and its 200-day moving average price is $22.25.

Toast (NYSE:TOST) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.15) earnings per share for the quarter, hitting the consensus estimate of ($0.15). Toast had a negative return on equity of 21.45% and a negative net margin of 6.02%. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the prior year, the company earned ($0.16) EPS. The firm’s quarterly revenue was up 31.3% compared to the same quarter last year. As a group, research analysts expect that Toast, Inc. will post -0.14 earnings per share for the current year.

Institutional Trading of Toast

Hedge funds and other institutional investors have recently modified their holdings of the business. LRI Investments LLC purchased a new stake in Toast during the 1st quarter worth about $27,000. Principal Securities Inc. bought a new position in shares of Toast in the fourth quarter valued at approximately $30,000. Cape Investment Advisory Inc. purchased a new position in Toast during the fourth quarter valued at approximately $31,000. Harbor Investment Advisory LLC purchased a new stake in Toast in the 1st quarter worth approximately $37,000. Finally, Baystate Wealth Management LLC lifted its stake in Toast by 58.2% in the 4th quarter. Baystate Wealth Management LLC now owns 2,435 shares of the company’s stock worth $44,000 after purchasing an additional 896 shares in the last quarter. Institutional investors own 82.91% of the company’s stock.

About Toast

Toast, Inc operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, and India. The company offers software products for restaurant operations and point of sale, such as Toast POS, Toast now, multi-location management, kitchen display system, Toast mobile order and pay, Toast catering and events, Toast invoicing, Toast tables, and restaurant retail; and hardware products, including Toast flex, Toast flex for guest, Toast go 2, Toast tap, kiosks, and Delphi by Toast.