Toast (NYSE:TOST) Shares Gap Down on Insider Selling

Toast, Inc. (NYSE:TOST)’s share price gapped down before the market opened on Friday after an insider sold shares in the company. The stock had previously closed at $28.90, but opened at $28.05. Toast shares last traded at $27.94, with a volume of 249,701 shares.

Specifically, President Stephen Fredette sold 39,768 shares of the company’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $29.02, for a total value of $1,154,067.36. Following the sale, the president now owns 1,795,301 shares in the company, valued at approximately $52,099,635.02. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Analysts Set New Price Targets

A number of research firms have commented on TOST. JPMorgan Chase & Co. upped their price target on Toast from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Wedbush raised Toast to a “strong-buy” rating in a research note on Friday, September 6th. Needham & Company LLC reissued a “buy” rating and issued a $30.00 price objective on shares of Toast in a research note on Wednesday, August 7th. Bank of America increased their price target on Toast from $26.00 to $28.00 and gave the company a “neutral” rating in a research report on Tuesday, September 17th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.33.

Toast Stock Performance

The stock has a 50-day simple moving average of $25.70 and a two-hundred day simple moving average of $25.00.

Toast (NYSE:TOST) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.04. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was up 27.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.19) earnings per share. As a group, equities research analysts forecast that Toast, Inc. will post -0.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Susquehanna Fundamental Investments LLC bought a new stake in Toast during the 1st quarter valued at approximately $5,078,000. Syon Capital LLC purchased a new stake in Toast during the 4th quarter valued at $377,000. WoodTrust Financial Corp purchased a new stake in Toast during the 1st quarter valued at $754,000. QRG Capital Management Inc. raised its stake in Toast by 39.7% during the 2nd quarter. QRG Capital Management Inc. now owns 84,967 shares of the company’s stock valued at $2,190,000 after buying an additional 24,164 shares during the last quarter. Finally, Integrated Advisors Network LLC bought a new stake in shares of Toast during the 4th quarter valued at $186,000. Hedge funds and other institutional investors own 82.91% of the company’s stock.

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.