AlphaQuest LLC Grows Holdings in Toast, Inc. $TOST

AlphaQuest LLC lifted its holdings in Toast, Inc. (NYSE:TOST) by 326.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,870 shares of the company’s stock after buying an additional 6,792 shares during the quarter. AlphaQuest LLC’s holdings in Toast were worth $393,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Asset Management One Co. Ltd. grew its position in shares of Toast by 17.5% in the 2nd quarter. Asset Management One Co. Ltd. now owns 168,530 shares of the company’s stock worth $7,464,000 after buying an additional 25,052 shares during the period. AlTi Global Inc. purchased a new stake in shares of Toast in the 2nd quarter worth about $264,000. Smith Group Asset Management LLC purchased a new stake in shares of Toast in the 2nd quarter worth about $252,000. Prentice Wealth Management LLC purchased a new stake in shares of Toast in the 2nd quarter worth about $471,000. Finally, Bleakley Financial Group LLC purchased a new stake in Toast during the 2nd quarter valued at about $495,000. 82.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TOST has been the topic of several recent analyst reports. Morgan Stanley increased their price objective on shares of Toast from $50.00 to $54.00 and gave the company an “overweight” rating in a research report on Wednesday, August 6th. Robert W. Baird cut their price objective on shares of Toast from $48.00 to $36.00 and set a “neutral” rating on the stock in a research report on Monday, October 6th. Barclays reissued an “overweight” rating on shares of Toast in a research report on Wednesday, July 16th. The Goldman Sachs Group cut their price objective on shares of Toast from $51.00 to $41.00 and set a “neutral” rating on the stock in a research report on Monday, October 13th. Finally, Truist Financial set a $47.00 price objective on shares of Toast in a research report on Friday, October 24th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $46.17.

Toast Stock Down 4.5%

Shares of NYSE:TOST opened at $35.74 on Thursday. The firm’s 50 day moving average price is $39.40 and its 200-day moving average price is $41.32. The stock has a market capitalization of $18.23 billion, a PE ratio of 105.11 and a beta of 1.94. Toast, Inc. has a twelve month low of $28.12 and a twelve month high of $49.66.

Toast (NYSE:TOST) last released its earnings results on Tuesday, August 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.10). Toast had a return on equity of 14.19% and a net margin of 4.07%.The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same period in the prior year, the company posted $0.02 earnings per share. The company’s revenue was up 24.8% compared to the same quarter last year. Analysts expect that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Toast

In other news, General Counsel Brian R. Elworthy sold 4,987 shares of the firm’s stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $35.56, for a total transaction of $177,337.72. Following the transaction, the general counsel owned 227,924 shares in the company, valued at approximately $8,104,977.44. This trade represents a 2.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Aman Narang sold 13,652 shares of the firm’s stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total value of $485,465.12. Following the transaction, the chief executive officer owned 318,150 shares in the company, valued at approximately $11,313,414. This represents a 4.11% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 62,196 shares of company stock valued at $2,398,513. 12.14% of the stock is owned by company insiders.

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.