Keenan Capital LLC Takes $31.05 Million Position in Toast, Inc. $TOST

Key Points

• Keenan Capital LLC acquired 1.12 million Toast shares worth approximately $31.05 million, making Toast its eighth-largest holding and representing 6.1% of its portfolio. Institutional investors collectively own 82.91% of Toast.
• Analysts maintain a generally positive outlook, with 16 Buy ratings and 11 Holds, an overall “Moderate Buy” consensus, and an average price target of $39.12.
• Toast’s quarterly revenue rose 23.1% year over year to $1.91 billion, exceeding estimates, although earnings per share of $0.26 fell short of the $0.32 consensus. Insiders sold $18.17 million worth of shares over the past three months.

Keenan Capital LLC bought a new stake in Toast, Inc. (NYSE:TOST - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 1,115,979 shares of the company's stock, valued at approximately $31,047,000. Toast comprises 6.1% of Keenan Capital LLC's investment portfolio, making the stock its 8th largest position. Keenan Capital LLC owned about 0.22% of Toast as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bayban bought a new stake in shares of Toast during the fourth quarter worth approximately $25,000. SHP Wealth Management bought a new position in shares of Toast during the fourth quarter worth approximately $29,000. Strive Financial Group LLC acquired a new stake in Toast during the 4th quarter worth approximately $29,000. Ancora Advisors LLC bought a new stake in Toast in the 2nd quarter valued at $31,000. Finally, Silicon Valley Capital Partners bought a new stake in Toast in the 4th quarter valued at $36,000. Institutional investors own 82.91% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Jefferies Financial Group set a $40.00 price target on shares of Toast in a research note on Wednesday, August 5th. Canaccord Genuity Group set a $40.00 price objective on shares of Toast in a report on Wednesday, August 5th. UBS Group increased their target price on shares of Toast from $34.00 to $39.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Toast in a report on Monday, August 17th. Finally, The Goldman Sachs Group upgraded shares of Toast from a "neutral" rating to a "buy" rating and set a $36.00 price target for the company in a research report on Thursday, July 9th. Sixteen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $39.12.

Toast Stock Performance

Shares of TOST stock opened at $33.29 on Wednesday. Toast, Inc. has a fifty-two week low of $22.26 and a fifty-two week high of $42.15. The stock's fifty day moving average price is $32.63 and its two-hundred day moving average price is $28.63. The company has a market cap of $17.11 billion, a PE ratio of 42.68 and a beta of 1.72.

Toast (NYSE:TOST - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.06). Toast had a net margin of 7.14% and a return on equity of 23.90%. The company had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the previous year, the company earned $0.13 EPS. Toast's revenue for the quarter was up 23.1% on a year-over-year basis. On average, equities analysts predict that Toast, Inc. will post 1 EPS for the current fiscal year.

Insider Transactions at Toast

In other news, CRO Jonathan Vassil sold 14,280 shares of Toast stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $33.90, for a total value of $484,092.00. Following the completion of the transaction, the executive directly owned 69,966 shares of the company's stock, valued at approximately $2,371,847.40. This trade represents a 16.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Aman Narang sold 119,843 shares of Toast stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $35.38, for a total value of $4,240,045.34. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 522,533 shares of company stock worth $18,172,786 over the last three months. 10.03% of the stock is owned by company insiders.

About Toast

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.

Want to see what other hedge funds are holding TOST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Toast, Inc. (NYSE:TOST - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.