Toast (NYSE:TOST) Trading Down 6.2% on Insider Selling

Toast, Inc. (NYSE:TOST – Get Rating)’s stock price dropped 6.2% during mid-day trading on Friday following insider selling activity. The company traded as low as $19.52 and last traded at $19.52. Approximately 5,232,162 shares were traded during mid-day trading, a decline of 17% from the average daily volume of 6,308,477 shares. The stock had previously closed at $20.80.

Specifically, CEO Christopher P. Comparato sold 33,333 shares of the firm’s stock in a transaction dated Monday, March 20th. The stock was sold at an average price of $16.70, for a total transaction of $556,661.10. Following the completion of the sale, the chief executive officer now directly owns 109,895 shares of the company’s stock, valued at approximately $1,835,246.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Toast news, COO Aman Narang sold 105,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 14th. The stock was sold at an average price of $25.28, for a total transaction of $2,654,400.00. Following the completion of the sale, the chief operating officer now owns 1,735,700 shares in the company, valued at approximately $43,878,496. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Christopher P. Comparato sold 33,333 shares of the firm’s stock in a transaction that occurred on Monday, March 20th. The stock was sold at an average price of $16.70, for a total value of $556,661.10. Following the completion of the sale, the chief executive officer now directly owns 109,895 shares in the company, valued at approximately $1,835,246.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 468,834 shares of company stock worth $9,689,269. 20.16% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. KeyCorp decreased their price objective on Toast from $26.00 to $24.00 and set an “overweight” rating on the stock in a report on Wednesday, April 5th. Piper Sandler raised their price objective on Toast from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, February 17th. Needham & Company LLC dropped their price target on Toast from $32.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday, February 17th. BNP Paribas began coverage on Toast in a report on Thursday, March 23rd. They issued a “neutral” rating and a $16.00 price objective for the company. Finally, Sumitomo Mitsui Financial Group cut Toast from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $26.00 to $23.00 in a report on Friday, February 17th. Nine investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $22.76.

Toast Trading Down 6.3 %

The company has a market cap of $10.27 billion, a PE ratio of -29.98 and a beta of 1.75. The firm’s 50-day simple moving average is $17.71 and its two-hundred day simple moving average is $19.08.

Toast (NYSE:TOST – Get Rating) last released its quarterly earnings results on Tuesday, May 9th. The company reported ($0.16) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.02. Toast had a negative return on equity of 24.30% and a negative net margin of 10.03%. The business had revenue of $819.00 million during the quarter, compared to analysts’ expectations of $763.11 million. During the same period in the prior year, the business posted ($0.20) EPS. The company’s revenue was up 53.1% compared to the same quarter last year. As a group, analysts predict that Toast, Inc. will post -0.6 EPS for the current year.

Hedge Funds Weigh In On Toast

Several institutional investors have recently added to or reduced their stakes in TOST. Raymond James & Associates increased its position in Toast by 115.4% in the 1st quarter. Raymond James & Associates now owns 24,946 shares of the company’s stock valued at $542,000 after acquiring an additional 13,364 shares during the period. HighTower Advisors LLC raised its holdings in Toast by 78.2% during the first quarter. HighTower Advisors LLC now owns 28,356 shares of the company’s stock valued at $616,000 after buying an additional 12,446 shares in the last quarter. Citigroup Inc. acquired a new stake in shares of Toast in the first quarter valued at about $438,000. Ergoteles LLC acquired a new stake in Toast during the first quarter worth about $2,427,000. Finally, First Trust Advisors LP acquired a new stake in Toast during the first quarter valued at approximately $33,356,000. 50.82% of the stock is currently owned by institutional investors and hedge funds.

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.