Toast (NYSE:TOST) Shares Gap Up to $22.60

Shares of Toast, Inc. (NYSE:TOST) gapped up prior to trading on Tuesday . The stock had previously closed at $22.60, but opened at $23.42. Toast shares last traded at $24.45, with a volume of 2,184,625 shares.

Analyst Ratings Changes

A number of brokerages recently commented on TOST. Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 price target on shares of Toast in a research note on Thursday, May 30th. Wedbush reaffirmed an “outperform” rating and issued a $30.00 price target on shares of Toast in a research note on Thursday, May 30th. Evercore ISI began coverage on Toast in a report on Monday, March 4th. They issued an “outperform” rating and a $32.00 price objective for the company. Canaccord Genuity Group increased their price objective on Toast from $22.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Finally, Royal Bank of Canada raised their price target on Toast from $23.00 to $27.00 and gave the company a “sector perform” rating in a report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Toast has an average rating of “Hold” and an average target price of $26.14.

Toast Trading Up 7.4 %

The stock has a 50 day simple moving average of $24.09 and a 200-day simple moving average of $21.45. The firm has a market cap of $10.99 billion, a P/E ratio of -48.56 and a beta of 1.75.

Toast (NYSE:TOST) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($0.15) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.15). Toast had a negative return on equity of 21.45% and a negative net margin of 6.02%. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the previous year, the company posted ($0.16) EPS. The company’s revenue was up 31.3% compared to the same quarter last year. As a group, equities analysts forecast that Toast, Inc. will post -0.14 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Elena Gomez sold 12,500 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 176,980 shares of the company’s stock, valued at approximately $4,670,502.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Elena Gomez sold 12,500 shares of the business’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 in the company, valued at approximately $4,670,502.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider James Michael Matlock sold 1,205 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $23.40, for a total value of $28,197.00. Following the transaction, the insider now owns 40,954 shares of the company’s stock, valued at approximately $958,323.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 142,223 shares of company stock valued at $3,458,694. 13.32% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Toast

Large investors have recently bought and sold shares of the business. Morgan Stanley lifted its holdings in shares of Toast by 149.3% in the 3rd quarter. Morgan Stanley now owns 12,007,286 shares of the company’s stock worth $224,896,000 after buying an additional 7,191,595 shares during the period. Whale Rock Capital Management LLC purchased a new stake in shares of Toast in the 1st quarter worth $179,111,000. Norges Bank purchased a new stake in shares of Toast during the 4th quarter worth $76,699,000. Meritage Group LP purchased a new stake in shares of Toast during the 4th quarter worth $70,270,000. Finally, Capital International Investors lifted its stake 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 purchasing an additional 3,574,397 shares during the last quarter. Hedge funds and other institutional investors own 82.91% 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.