Bayforest Capital Ltd Grows Stock Position in Toast, Inc. $TOST

Key Points

• Bayforest Capital Ltd increased its stake in Toast, Inc. by 213.8%, owning a total of 30,116 shares worth approximately $999,000 as of the latest SEC filing.
• Toast reported earnings of $0.13 per share, missing expectations, despite revenue increasing by 24.8% year-over-year to $1.55 billion.
• Analysts have a consensus rating of "Moderate Buy" for Toast, with a target price averaging $45.54, reflecting strong institutional interest with 82.91% of shares owned by large investors.

Bayforest Capital Ltd lifted its position in Toast, Inc. (NYSE:TOST - Free Report) by 213.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 30,116 shares of the company's stock after purchasing an additional 20,518 shares during the period. Bayforest Capital Ltd's holdings in Toast were worth $999,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Wayfinding Financial LLC purchased a new stake in shares of Toast in the first quarter valued at approximately $34,000. Piscataqua Savings Bank boosted its holdings in shares of Toast by 57.1% in the first quarter. Piscataqua Savings Bank now owns 1,100 shares of the company's stock valued at $36,000 after purchasing an additional 400 shares during the period. West Branch Capital LLC boosted its holdings in shares of Toast by 862.1% in the first quarter. West Branch Capital LLC now owns 1,116 shares of the company's stock valued at $37,000 after purchasing an additional 1,000 shares during the period. SBI Securities Co. Ltd. boosted its holdings in shares of Toast by 29.2% in the first quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock valued at $42,000 after purchasing an additional 284 shares during the period. Finally, Signaturefd LLC boosted its holdings in shares of Toast by 227.1% in the first quarter. Signaturefd LLC now owns 1,472 shares of the company's stock valued at $49,000 after purchasing an additional 1,022 shares during the period. Hedge funds and other institutional investors own 82.91% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TOST. Wells Fargo & Company began coverage on shares of Toast in a research note on Wednesday, July 16th. They issued a "buy" rating for the company. DA Davidson boosted their price objective on shares of Toast from $40.00 to $46.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 29th. Deutsche Bank Aktiengesellschaft began coverage on shares of Toast in a research note on Thursday, July 17th. They issued a "buy" rating and a $54.00 price objective for the company. Truist Financial boosted their price objective on shares of Toast from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Finally, Canaccord Genuity Group boosted their price objective on shares of Toast from $48.00 to $54.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Fifteen investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, Toast has a consensus rating of "Moderate Buy" and a consensus price target of $45.54.

Toast Trading Down 1.9%

Shares of TOST traded down $0.79 during midday trading on Friday, hitting $40.00. 6,598,182 shares of the company's stock traded hands, compared to its average volume of 7,441,599. Toast, Inc. has a 1 year low of $25.96 and a 1 year high of $49.66. The firm's fifty day moving average is $44.67 and its 200-day moving average is $40.44. The stock has a market capitalization of $20.40 billion, a price-to-earnings ratio of 117.65 and a beta of 2.00.

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

Insider Buying and Selling

In related news, President Stephen Fredette sold 7,647 shares of the firm's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $42.59, for a total value of $325,685.73. Following the completion of the transaction, the president owned 889,017 shares in the company, valued at $37,863,234.03. This trade represents a 0.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Aman Narang sold 13,829 shares of the firm's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $42.59, for a total value of $588,977.11. Following the completion of the transaction, the chief executive officer owned 302,498 shares of the company's stock, valued at $12,883,389.82. This trade represents a 4.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 88,342 shares of company stock worth $3,804,710 over the last three months. Corporate insiders own 12.14% of the company's stock.

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.