1832 Asset Management L.P. Purchases Shares of 139,500 Toast, Inc. (NYSE:TOST)

1832 Asset Management L.P. purchased a new stake in shares of Toast, Inc. (NYSE:TOST) in the first quarter, according to the company in its most recent filing with the SEC. The fund purchased 139,500 shares of the company’s stock, valued at approximately $3,476,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Quadrature Capital Ltd bought a new position in shares of Toast during the 1st quarter worth approximately $1,589,000. Brant Point Investment Management LLC bought a new position in shares of Toast during the 1st quarter worth approximately $2,492,000. Capital International Sarl bought a new position in shares of Toast during the 1st quarter worth approximately $1,248,000. Capital International Investors lifted its position in shares of Toast by 12.2% during the 1st quarter. Capital International Investors now owns 32,924,082 shares of the company’s stock worth $820,468,000 after buying an additional 3,574,397 shares in the last quarter. Finally, Capital Group Private Client Services Inc. bought a new position in shares of Toast during the 1st quarter worth approximately $18,459,000. Institutional investors and hedge funds own 82.91% of the company’s stock.

Toast Trading Up 2.8 %

Shares of TOST traded up $0.69 during mid-day trading on Friday, reaching $25.68. 5,997,772 shares of the stock traded hands, compared to its average volume of 6,040,444. The firm has a fifty day moving average price of $24.88 and a 200 day moving average price of $23.10. The company has a market cap of $11.63 billion, a price-to-earnings ratio of -51.37 and a beta of 1.76. Toast, Inc. has a 1 year low of $13.77 and a 1 year high of $27.90.

Toast (NYSE:TOST) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.15) EPS for the quarter, meeting analysts’ consensus estimates of ($0.15). The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.04 billion. Toast had a negative net margin of 6.02% and a negative return on equity of 21.45%. The business’s revenue for the quarter was up 31.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.16) EPS. On average, sell-side analysts anticipate that Toast, Inc. will post -0.14 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Stephens reissued an “equal weight” rating and set a $28.00 target price on shares of Toast in a research report on Thursday, May 30th. The Goldman Sachs Group lifted their price target on shares of Toast from $26.00 to $29.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Piper Sandler lifted their price target on shares of Toast from $20.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, May 9th. Royal Bank of Canada lifted their price target on shares of Toast from $23.00 to $27.00 and gave the stock a “sector perform” rating in a report on Wednesday, May 8th. Finally, Wells Fargo & Company lifted their price target on shares of Toast from $17.00 to $19.00 and gave the stock an “underweight” rating in a report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $26.65.

Insider Buying and Selling

In related news, insider James Michael Matlock sold 4,151 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $23.19, for a total value of $96,261.69. Following the completion of the transaction, the insider now directly owns 46,510 shares in the company, valued at $1,078,566.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider James Michael Matlock sold 4,151 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $23.19, for a total value of $96,261.69. Following the completion of the transaction, the insider now directly owns 46,510 shares in the company, valued at $1,078,566.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Elena Gomez sold 12,500 shares of the company’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $26.39, for a total transaction of $329,875.00. Following the completion of the transaction, the chief financial officer now owns 176,980 shares of the company’s stock, valued at $4,670,502.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 368,455 shares of company stock worth $9,410,466. Corporate insiders own 13.32% of the company’s stock.

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.