Toast (NYSE:TOST) Trading Down 3.8%

Shares of Toast, Inc. (NYSE:TOST) dropped 3.8% on Wednesday . The company traded as low as $23.96 and last traded at $23.99. Approximately 1,167,756 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 7,928,107 shares. The stock had previously closed at $24.93.

Analyst Upgrades and Downgrades

TOST has been the subject of a number of analyst reports. Baird R W cut Toast from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 21st. Stephens restated an “equal weight” rating and set a $28.00 target price on shares of Toast in a research 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. The Goldman Sachs Group lifted their price objective on shares of Toast from $26.00 to $29.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Finally, Canaccord Genuity Group increased their target price on shares of Toast from $22.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Toast has an average rating of “Hold” and a consensus target price of $26.14.

Toast Stock Performance

The firm has a market cap of $10.75 billion, a price-to-earnings ratio of -47.34 and a beta of 1.76. The firm has a fifty day simple moving average of $24.81 and a 200-day simple moving average of $22.46.

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

Insider Buying and Selling at Toast

In other news, CEO Aman Narang sold 6,355 shares of Toast stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $25.64, for a total transaction of $162,942.20. Following the completion of the sale, the chief executive officer now owns 1,131,043 shares of the company’s stock, valued at $28,999,942.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Toast news, CFO Elena Gomez sold 12,500 shares of the firm’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $26.39, for a total value of $329,875.00. Following the sale, the chief financial officer now owns 176,980 shares of the company’s stock, valued at approximately $4,670,502.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Aman Narang sold 6,355 shares of Toast stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $25.64, for a total value of $162,942.20. Following the completion of the transaction, the chief executive officer now owns 1,131,043 shares in the company, valued at approximately $28,999,942.52. The disclosure for this sale can be found here. Insiders have sold a total of 229,253 shares of company stock valued at $5,630,212 in the last ninety days. 13.32% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Toast

Hedge funds have recently made changes to their positions in the stock. Morgan Stanley increased its holdings in shares of Toast by 149.3% during the third quarter. Morgan Stanley now owns 12,007,286 shares of the company’s stock worth $224,896,000 after buying an additional 7,191,595 shares in the last quarter. Whale Rock Capital Management LLC bought a new position in Toast in the first quarter valued at about $179,111,000. Norges Bank acquired a new stake in shares of Toast during the fourth quarter valued at about $76,699,000. Meritage Group LP bought a new stake in shares of Toast during the fourth quarter worth about $70,270,000. Finally, Capital International Investors increased its stake in shares of Toast by 12.2% in the first quarter. Capital International Investors now owns 32,924,082 shares of the company’s stock valued at $820,468,000 after buying an additional 3,574,397 shares during the period. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Toast Company Profile

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.