Hudson Bay Capital Management LP Sells 142,299 Shares of Toast, Inc. $TOST

Key Points

• Hudson Bay Capital Management LP cut its stake in Toast by 92.9% in Q3, selling 142,299 shares and retaining 10,937 shares valued at about $399,000.
• Toast missed Q (quarter) EPS estimates ($0.16 vs. $0.24) while revenue rose to $1.63 billion (+22% YoY); the stock trades near $27.60 with a $14.46 billion market cap and a consensus analyst target of $40.46 (Moderate Buy).
• There has been heavy trading by insiders and institutions: insiders sold 100,856 shares (~$3.54M) over three months but still own 12.14%, while institutional ownership is 82.91%—notably Swiss National Bank added 216,700 shares to hold 1,345,800 shares.

Hudson Bay Capital Management LP decreased its holdings in shares of Toast, Inc. (NYSE:TOST - Free Report) by 92.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,937 shares of the company's stock after selling 142,299 shares during the period. Hudson Bay Capital Management LP's holdings in Toast were worth $399,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in TOST. NewEdge Advisors LLC increased its position in shares of Toast by 1,555.5% during the first quarter. NewEdge Advisors LLC now owns 17,432 shares of the company's stock worth $578,000 after acquiring an additional 16,379 shares in the last quarter. Cetera Investment Advisers lifted its position in Toast by 40.5% in the 2nd quarter. Cetera Investment Advisers now owns 91,295 shares of the company's stock valued at $4,043,000 after acquiring an additional 26,300 shares in the last quarter. Handelsbanken Fonder AB boosted its stake in Toast by 6.6% during the 2nd quarter. Handelsbanken Fonder AB now owns 120,900 shares of the company's stock valued at $5,355,000 after purchasing an additional 7,500 shares during the last quarter. Swiss National Bank boosted its stake in Toast by 19.2% during the 2nd quarter. Swiss National Bank now owns 1,345,800 shares of the company's stock valued at $59,605,000 after purchasing an additional 216,700 shares during the last quarter. Finally, Magnetar Financial LLC increased its holdings in Toast by 48.2% during the 2nd quarter. Magnetar Financial LLC now owns 14,038 shares of the company's stock worth $622,000 after purchasing an additional 4,568 shares in the last quarter. 82.91% of the stock is owned by institutional investors.

Toast Stock Up 0.5%

Shares of NYSE TOST opened at $27.60 on Tuesday. The company has a market capitalization of $14.46 billion, a PE ratio of 51.10 and a beta of 1.95. The stock's 50 day moving average price is $29.47 and its 200-day moving average price is $34.11. Toast, Inc. has a twelve month low of $24.35 and a twelve month high of $49.66.

Toast (NYSE:TOST - Get Free Report) last issued its quarterly earnings results on Thursday, February 12th. The company reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.24 by ($0.08). The business had revenue of $1.63 billion for the quarter, compared to analysts' expectations of $1.62 billion. Toast had a net margin of 5.56% and a return on equity of 18.14%. The business's revenue was up 22.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.05 earnings per share. As a group, research analysts expect that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Toast declared that its board has authorized a share buyback plan on Thursday, February 12th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts have recently commented on TOST shares. Sanford C. Bernstein set a $39.00 price objective on Toast in a research note on Monday, February 16th. Jefferies Financial Group set a $35.00 target price on Toast in a research report on Friday, February 13th. Citigroup decreased their price target on Toast from $51.00 to $42.00 and set a "buy" rating for the company in a report on Friday, February 13th. The Goldman Sachs Group lowered their price target on Toast from $43.00 to $31.00 and set a "neutral" rating for the company in a research report on Tuesday, February 17th. Finally, Wolfe Research cut Toast from an "outperform" rating to a "peer perform" rating in a research note on Thursday, January 8th. Seventeen investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, Toast presently has a consensus rating of "Moderate Buy" and an average target price of $40.46.

Insider Transactions at Toast

In related news, General Counsel Brian R. Elworthy sold 3,303 shares of the business's stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $34.38, for a total value of $113,557.14. Following the transaction, the general counsel directly owned 235,757 shares of the company's stock, valued at approximately $8,105,325.66. The trade was a 1.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Aman Narang sold 8,591 shares of the stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $34.38, for a total transaction of $295,358.58. Following the transaction, the chief executive officer owned 338,850 shares of the company's stock, valued at approximately $11,649,663. The trade was a 2.47% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 100,856 shares of company stock worth $3,540,449. Company insiders own 12.14% of the company's stock.

Toast Profile

Toast, Inc NYSE: TOST is a technology company that builds a cloud-based platform for restaurants and other foodservice businesses. Headquartered in Boston, Massachusetts, Toast offers integrated point-of-sale (POS) systems and a suite of software and hardware designed to streamline front-of-house and back-of-house operations. The company went public in 2021 and has positioned itself as a vertically integrated provider for the restaurant industry.

Toast's product portfolio includes touchscreen POS terminals and handheld order-and-pay devices, kitchen display systems, and peripherals tailored for high-volume foodservice environments.

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