Graham Capital Management L.P. Buys 34,532 Shares of Toast, Inc. $TOST

Key Points

• Graham Capital Management L.P. significantly increased its stake in Toast, Inc. by 373.5%, purchasing an additional 34,532 shares to total 43,778 shares valued at approximately $1,452,000.
• Several hedge funds have also added to their investments in Toast, indicating a growing institutional interest, with 82.91% of the company's stock now owned by institutional investors.
• Toast's quarterly earnings revealed a net margin of 4.07% despite missing earnings expectations, with revenue growing 24.8% year-over-year to $1.55 billion.

Graham Capital Management L.P. grew its stake in shares of Toast, Inc. (NYSE:TOST - Free Report) by 373.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 43,778 shares of the company's stock after buying an additional 34,532 shares during the quarter. Graham Capital Management L.P.'s holdings in Toast were worth $1,452,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TOST. Wayfinding Financial LLC bought a new stake in shares of Toast in the first quarter worth $34,000. Piscataqua Savings Bank grew its stake in shares of Toast by 57.1% in the first quarter. Piscataqua Savings Bank now owns 1,100 shares of the company's stock worth $36,000 after purchasing an additional 400 shares during the last quarter. West Branch Capital LLC grew its stake 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 worth $37,000 after purchasing an additional 1,000 shares during the last quarter. SBI Securities Co. Ltd. grew its stake 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 worth $42,000 after purchasing an additional 284 shares during the last quarter. Finally, Signaturefd LLC grew its stake in shares of Toast by 227.1% in the first 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.

Insider Activity

In other news, Director Paul D. Bell sold 12,500 shares of the company's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $42.38, for a total transaction of $529,750.00. Following the transaction, the director owned 226,892 shares in the company, valued at approximately $9,615,682.96. This represents a 5.22% 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 Richard Kent Bennett sold 9,712 shares of the company's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $43.14, for a total transaction of $418,975.68. Following the transaction, the director owned 534,167 shares in the company, valued at $23,043,964.38. This represents a 1.79% 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. Corporate insiders own 12.14% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Needham & Company LLC boosted their price objective on shares of Toast from $50.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. The Goldman Sachs Group boosted their price objective on shares of Toast from $45.00 to $51.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 6th. Jefferies Financial Group boosted their price objective 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. 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. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Toast in a report on Thursday, July 17th. They issued a "buy" rating and a $54.00 target price on the stock. Fifteen analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $45.54.

Toast Stock Down 2.8%

TOST stock opened at $43.82 on Wednesday. The firm has a market cap of $22.35 billion, a price-to-earnings ratio of 128.88 and a beta of 2.00. Toast, Inc. has a 12-month low of $22.91 and a 12-month high of $49.66. The company's fifty day simple moving average is $44.95 and its 200 day simple moving average is $40.38.

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

About Toast

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.

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