Exchange Traded Concepts LLC Reduces Position in Toast, Inc. (NYSE:TOST)

Exchange Traded Concepts LLC decreased its holdings in shares of Toast, Inc. (NYSE:TOST) by 7.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,257 shares of the company’s stock after selling 4,238 shares during the period. Exchange Traded Concepts LLC’s holdings in Toast were worth $1,451,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of TOST. Northwestern Mutual Wealth Management Co. grew its holdings in Toast by 1.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 35,968 shares of the company’s stock valued at $927,000 after purchasing an additional 421 shares during the period. Park Avenue Securities LLC grew its stake in shares of Toast by 1.0% during the 1st quarter. Park Avenue Securities LLC now owns 43,357 shares of the company’s stock valued at $1,080,000 after acquiring an additional 436 shares during the period. Wellington Shields & Co. LLC increased its holdings in Toast by 3.1% in the 1st quarter. Wellington Shields & Co. LLC now owns 16,700 shares of the company’s stock worth $416,000 after acquiring an additional 500 shares in the last quarter. Parkside Financial Bank & Trust raised its stake in Toast by 8.4% during the 2nd quarter. Parkside Financial Bank & Trust now owns 6,742 shares of the company’s stock worth $174,000 after acquiring an additional 520 shares during the period. Finally, Comerica Bank lifted its holdings in Toast by 10.9% during the first quarter. Comerica Bank now owns 6,167 shares of the company’s stock valued at $154,000 after purchasing an additional 607 shares in the last quarter. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TOST has been the topic of several recent analyst reports. Robert W. Baird raised their price objective on shares of Toast from $28.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday. Royal Bank of Canada restated a “sector perform” rating and issued a $27.00 price objective on shares of Toast in a research report on Wednesday, August 7th. Morgan Stanley increased their target price on Toast from $29.00 to $30.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Bank of America boosted their price target on Toast from $26.00 to $28.00 and gave the stock a “neutral” rating in a report on Tuesday, September 17th. Finally, The Goldman Sachs Group increased their price objective on shares of Toast from $29.00 to $33.00 and gave the company a “buy” rating in a report on Monday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $28.67.

Toast Trading Up 2.1 %

Shares of NYSE:TOST opened at $28.73 on Wednesday. The company has a market cap of $13.01 billion, a price-to-earnings ratio of -57.46 and a beta of 1.76. Toast, Inc. has a 12 month low of $13.77 and a 12 month high of $29.92. The company has a 50-day moving average price of $25.79 and a 200 day moving average price of $25.02.

Toast (NYSE:TOST) last posted its quarterly earnings data 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 during 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 company’s revenue for the quarter was up 27.0% on a year-over-year basis. During the same period last year, the company earned ($0.19) EPS. As a group, equities analysts forecast that Toast, Inc. will post -0.1 EPS for the current year.

Insiders Place Their Bets

In other news, President Stephen Fredette sold 1,127 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $24.00, for a total value of $27,048.00. Following the completion of the sale, the president now owns 2,849,709 shares in the company, valued at approximately $68,393,016. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Toast news, CFO Elena Gomez sold 2,162 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $24.00, for a total value of $51,888.00. Following the sale, the chief financial officer now owns 183,931 shares in the company, valued at $4,414,344. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Stephen Fredette sold 1,127 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $24.00, for a total transaction of $27,048.00. Following the sale, the president now directly owns 2,849,709 shares of the company’s stock, valued at $68,393,016. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 840,562 shares of company stock valued at $21,982,459 over the last three months. 13.32% of the stock is owned by company insiders.

About Toast

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.