1832 Asset Management L.P. Buys 468,300 Shares of Toast, Inc. (NYSE:TOST)

1832 Asset Management L.P. grew its stake in shares of Toast, Inc. (NYSE:TOST) by 335.7% in the second quarter, Holdings Channel reports. The institutional investor owned 607,800 shares of the company’s stock after purchasing an additional 468,300 shares during the period. 1832 Asset Management L.P.’s holdings in Toast were worth $15,663,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Park Avenue Securities LLC increased its holdings in Toast by 1.0% in the 1st quarter. Park Avenue Securities LLC now owns 43,357 shares of the company’s stock valued at $1,080,000 after buying an additional 436 shares during the period. Wellington Shields & Co. LLC increased its stake in Toast by 3.1% in the first quarter. Wellington Shields & Co. LLC now owns 16,700 shares of the company’s stock valued at $416,000 after acquiring an additional 500 shares during the period. Parkside Financial Bank & Trust raised its position in Toast by 8.4% in the second quarter. Parkside Financial Bank & Trust now owns 6,742 shares of the company’s stock worth $174,000 after purchasing an additional 520 shares in the last quarter. Comerica Bank lifted its stake in Toast by 10.9% during the first quarter. Comerica Bank now owns 6,167 shares of the company’s stock worth $154,000 after purchasing an additional 607 shares during the period. Finally, Values First Advisors Inc. boosted its holdings in Toast by 2.7% during the second quarter. Values First Advisors Inc. now owns 31,342 shares of the company’s stock valued at $808,000 after purchasing an additional 811 shares in the last quarter. Institutional investors own 82.91% of the company’s stock.

Insider Buying and Selling at Toast

In other news, Director Christopher P. Comparato sold 90,000 shares of Toast stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $26.54, for a total transaction of $2,388,600.00. Following the completion of the sale, the director now owns 112,282 shares in the company, valued at approximately $2,979,964.28. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Christopher P. Comparato sold 90,000 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $26.54, for a total value of $2,388,600.00. Following the transaction, the director now directly owns 112,282 shares in the company, valued at approximately $2,979,964.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Stephen Fredette sold 101,574 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $25.73, for a total value of $2,613,499.02. Following the completion of the sale, the president now owns 2,395,685 shares of the company’s stock, valued at approximately $61,640,975.05. The disclosure for this sale can be found here. In the last three months, insiders have sold 652,412 shares of company stock worth $16,213,120. Company insiders own 13.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on TOST shares. Wedbush raised Toast to a “strong-buy” rating in a report on Friday, September 6th. Morgan Stanley increased their price objective on Toast from $29.00 to $30.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Mizuho upgraded shares of Toast from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $21.00 to $33.00 in a research note on Thursday, July 18th. Royal Bank of Canada reiterated a “sector perform” rating and set a $27.00 target price on shares of Toast in a research report on Wednesday, August 7th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $29.00 price target on shares of Toast in a research report on Thursday, September 12th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Toast currently has a consensus rating of “Moderate Buy” and an average target price of $28.33.

Toast Stock Performance

NYSE:TOST opened at $27.65 on Tuesday. The company has a market cap of $12.53 billion, a price-to-earnings ratio of -55.30 and a beta of 1.75. The stock’s fifty day moving average price is $25.12 and its two-hundred day moving average price is $24.60. Toast, Inc. has a 52-week low of $13.77 and a 52-week high of $28.19.

Toast (NYSE:TOST) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.04. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.22 billion. Toast had a negative return on equity of 11.27% and a negative net margin of 3.10%. The firm’s revenue for the quarter was up 27.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.19) earnings per share. On average, equities analysts predict that Toast, Inc. will post -0.1 EPS for the current fiscal year.

Toast 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.