Armistice Capital LLC Boosts Stock Holdings in Toast, Inc. $TOST

Key Points

• Armistice Capital LLC increased its stake in Toast, Inc. by 12.5% during the first quarter, acquiring an additional 96,191 shares to hold a total of 863,723 shares valued at $28.65 million.
• Toast recently reported a 24.8% year-over-year revenue increase of $1.55 billion, despite missing earnings expectations with an EPS of $0.13 compared to the $0.23 consensus estimate.
• Recent analyst upgrades have raised Toast's price targets, with Piper Sandler increasing the target from $35.00 to $37.00 and Jefferies Financial Group from $50.00 to $54.00, amidst a consensus rating of "Moderate Buy."

Armistice Capital LLC grew its position in shares of Toast, Inc. (NYSE:TOST - Free Report) by 12.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 863,723 shares of the company's stock after acquiring an additional 96,191 shares during the period. Armistice Capital LLC owned about 0.17% of Toast worth $28,650,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of TOST. Principal Financial Group Inc. raised its stake in shares of Toast by 14,258.8% during the first quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company's stock valued at $181,587,000 after acquiring an additional 5,436,317 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Toast by 17.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 23,454,209 shares of the company's stock valued at $777,978,000 after acquiring an additional 3,490,686 shares during the last quarter. 1832 Asset Management L.P. bought a new position in shares of Toast during the first quarter valued at about $86,650,000. Voloridge Investment Management LLC raised its stake in shares of Toast by 898.8% during the fourth quarter. Voloridge Investment Management LLC now owns 2,858,720 shares of the company's stock valued at $104,200,000 after acquiring an additional 2,572,503 shares during the last quarter. Finally, Two Sigma Investments LP raised its stake in shares of Toast by 914.4% during the fourth quarter. Two Sigma Investments LP now owns 2,846,200 shares of the company's stock valued at $103,744,000 after acquiring an additional 2,565,634 shares during the last quarter. 82.91% of the stock is owned by institutional investors.

Insider Buying and Selling at Toast

In other Toast news, CFO Elena Gomez sold 34,170 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $42.56, for a total transaction of $1,454,275.20. Following the completion of the transaction, the chief financial officer owned 139,357 shares of the company's stock, valued at approximately $5,931,033.92. This trade represents a 19.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Paul D. Bell sold 12,500 shares of the stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $42.38, for a total transaction of $529,750.00. Following the sale, the director owned 226,892 shares in the company, valued at approximately $9,615,682.96. The trade was a 5.22% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 105,554 shares of company stock valued at $4,553,686. 12.14% of the stock is currently owned by company insiders.

Toast Stock Down 3.1%

Shares of NYSE TOST traded down $1.32 on Thursday, reaching $41.14. 11,058,473 shares of the company's stock traded hands, compared to its average volume of 7,354,544. Toast, Inc. has a 12 month low of $22.91 and a 12 month high of $49.66. The business's 50 day simple moving average is $44.97 and its two-hundred day simple moving average is $40.39. The company has a market cap of $20.98 billion, a price-to-earnings ratio of 120.99 and a beta of 2.00.

Toast (NYSE:TOST - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.23 by ($0.10). Toast had a net margin of 4.07% and a return on equity of 14.19%. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the prior year, the business posted $0.02 EPS. Toast's revenue for the quarter was up 24.8% on a year-over-year basis. Analysts forecast that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Truist Financial upped their price objective on shares of Toast from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Jefferies Financial Group increased their price target on shares of Toast from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Wells Fargo & Company started coverage on shares of Toast in a report on Wednesday, July 16th. They issued a "buy" rating for the company. Piper Sandler raised their price objective on shares of Toast from $35.00 to $37.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Toast from $42.00 to $52.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. Fifteen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $45.54.

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.