Exchange Traded Concepts LLC Sells 141,774 Shares of Toast, Inc. $TOST

Exchange Traded Concepts LLC reduced its position in Toast, Inc. (NYSE:TOST) by 93.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,533 shares of the company’s stock after selling 141,774 shares during the period. Exchange Traded Concepts LLC’s holdings in Toast were worth $385,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Jennison Associates LLC grew its holdings in shares of Toast by 331.0% during the second quarter. Jennison Associates LLC now owns 8,601,887 shares of the company’s stock valued at $380,978,000 after buying an additional 6,606,245 shares during the last quarter. Norges Bank bought a new position in Toast in the 2nd quarter valued at about $219,324,000. Marshall Wace LLP boosted its stake in Toast by 108.3% during the 2nd quarter. Marshall Wace LLP now owns 7,887,409 shares of the company’s stock valued at $349,333,000 after purchasing an additional 4,100,104 shares during the last quarter. HMI Capital Management L.P. boosted its stake in Toast by 57.7% during the 1st quarter. HMI Capital Management L.P. now owns 5,203,183 shares of the company’s stock valued at $172,590,000 after purchasing an additional 1,904,040 shares during the last quarter. Finally, 1832 Asset Management L.P. increased its holdings in Toast by 65.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 4,314,200 shares of the company’s stock worth $191,076,000 after purchasing an additional 1,701,900 shares in the last quarter. Institutional investors own 82.91% of the company’s stock.

Toast Stock Performance

TOST opened at $36.26 on Wednesday. Toast, Inc. has a fifty-two week low of $28.12 and a fifty-two week high of $49.66. The firm has a 50-day moving average of $35.76 and a 200 day moving average of $40.01. The firm has a market cap of $18.68 billion, a P/E ratio of 84.33 and a beta of 1.94.

Toast (NYSE:TOST) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.08). Toast had a return on equity of 15.77% and a net margin of 4.68%.The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the firm posted $0.07 EPS. The business’s revenue was up 25.1% on a year-over-year basis. Equities research analysts predict that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently issued reports on TOST shares. Robert W. Baird cut their target price on Toast from $48.00 to $36.00 and set a “neutral” rating on the stock in a research report on Monday, October 6th. BNP Paribas Exane upgraded Toast from a “neutral” rating to an “outperform” rating and set a $40.00 price objective on the stock in a research note on Monday, December 1st. Citigroup raised shares of Toast to a “strong-buy” rating in a report on Thursday, October 23rd. Wells Fargo & Company upgraded shares of Toast to a “strong-buy” rating in a report on Wednesday, October 22nd. Finally, Truist Financial cut their price target on shares of Toast from $47.00 to $43.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $45.18.

Insiders Place Their Bets

In other Toast news, CEO Aman Narang sold 13,652 shares of the stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $35.56, for a total transaction of $485,465.12. Following the completion of the transaction, the chief executive officer directly owned 318,150 shares of the company’s stock, valued at approximately $11,313,414. This represents a 4.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Jonathan Vassil sold 6,530 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 value of $232,206.80. Following the completion of the sale, the executive directly owned 69,932 shares of the company’s stock, valued at $2,486,781.92. This represents a 8.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 49,759 shares of company stock valued at $1,769,270 in the last quarter. 12.14% of the stock is currently owned by company insiders.

Toast Company Profile

Toast, Inc (NYSE: TOST) is a technology company that builds a cloud-based platform for restaurants and other foodservice businesses. Headquartered in Boston, Massachusetts, Toast offers integrated point-of-sale (POS) systems and a suite of software and hardware designed to streamline front-of-house and back-of-house operations. The company went public in 2021 and has positioned itself as a vertically integrated provider for the restaurant industry.

Toast’s product portfolio includes touchscreen POS terminals and handheld order-and-pay devices, kitchen display systems, and peripherals tailored for high-volume foodservice environments.