Exchange Traded Concepts LLC Buys 107,679 Shares of Toast, Inc. $TOST

Key Points

• Exchange Traded Concepts LLC significantly increased its stake in Toast, Inc. by 241.3% during the 2nd quarter, holding $6.75 million worth of shares after acquiring an additional 107,679 shares.
• Toast reported a loss of $0.10 per share against an anticipated $0.23, despite revenue of $1.55 billion, reflecting a 24.8% increase year-over-year.
• Institutional investors now own 82.91% of Toast's stock, indicating strong backing and confidence in the company from large financial entities.

Exchange Traded Concepts LLC lifted its holdings in Toast, Inc. (NYSE:TOST - Free Report) by 241.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 152,307 shares of the company's stock after buying an additional 107,679 shares during the quarter. Exchange Traded Concepts LLC's holdings in Toast were worth $6,746,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of TOST. Wayfinding Financial LLC acquired a new position in Toast during the 1st quarter worth approximately $34,000. Piscataqua Savings Bank increased its position in shares of Toast by 57.1% during the 1st 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 last quarter. West Branch Capital LLC increased its position 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 acquiring an additional 1,000 shares during the period. SBI Securities Co. Ltd. grew its stake in Toast by 29.2% in the first quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock worth $42,000 after purchasing an additional 284 shares during the period. Finally, Signaturefd LLC raised its position in shares of Toast by 227.1% in the 1st quarter. Signaturefd LLC now owns 1,472 shares of the company's stock worth $49,000 after purchasing an additional 1,022 shares during the last quarter. Institutional investors own 82.91% of the company's stock.

Analyst Ratings Changes

TOST has been the subject of a number of analyst reports. Truist Financial increased their price target on shares of Toast from $48.00 to $50.00 and gave the company a "buy" rating in a report on Thursday, July 17th. Wells Fargo & Company initiated coverage on shares of Toast in a research note on Wednesday, July 16th. They set a "buy" rating on the stock. Morgan Stanley lifted their target price on shares of Toast from $50.00 to $54.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. Citigroup reaffirmed a "buy" rating on shares of Toast in a research note on Wednesday, July 16th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Toast from $42.00 to $52.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 6th. Fifteen research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, Toast presently has an average rating of "Moderate Buy" and an average price target of $46.30.

Toast Price Performance

Shares of TOST stock traded down $2.04 on Monday, reaching $39.09. 23,445,946 shares of the stock were exchanged, compared to its average volume of 7,513,389. The stock has a 50 day moving average price of $44.25 and a 200 day moving average price of $40.66. Toast, Inc. has a one year low of $26.75 and a one year high of $49.66. The stock has a market cap of $19.94 billion, a PE ratio of 115.08 and a beta of 2.00.

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

Insider Buying and Selling

In other Toast news, CFO Elena Gomez sold 2,006 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $48.38, for a total transaction of $97,050.28. Following the completion of the transaction, the chief financial officer owned 141,263 shares in the company, valued at approximately $6,834,303.94. This trade represents a 1.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Stephen Fredette sold 1,720 shares of Toast stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $48.38, for a total value of $83,213.60. Following the completion of the sale, the president owned 890,818 shares of the company's stock, valued at approximately $43,097,774.84. The trade was a 0.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 88,342 shares of company stock valued at $3,804,710 over the last quarter. 12.14% of the stock is currently owned by company insiders.

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.