Light Street Capital Management LLC Buys Shares of 1,167,500 Toast, Inc. $TOST

Key Points

• Light Street Capital Management established a new Toast position by purchasing 1,167,500 shares valued at approximately $32.5 million, representing 0.23% of Toast and 3.6% of the firm’s portfolio.
• Analysts remain generally optimistic, with a consensus “Moderate Buy” rating and an average price target of $39.12; 16 analysts rate Toast a Buy versus 11 Holds.
• Toast’s quarterly revenue rose 23.1% year over year to $1.91 billion, exceeding estimates, although adjusted earnings of $0.26 per share fell short of the $0.32 consensus. Shares recently traded at $33.29.

Light Street Capital Management LLC purchased a new position in shares of Toast, Inc. (NYSE:TOST - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,167,500 shares of the company's stock, valued at approximately $32,480,000. Toast accounts for about 3.6% of Light Street Capital Management LLC's investment portfolio, making the stock its 11th biggest holding. Light Street Capital Management LLC owned 0.23% of Toast at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of TOST. Bayban bought a new stake in shares of Toast in the fourth quarter valued at about $25,000. SHP Wealth Management acquired a new position in Toast during the 4th quarter worth approximately $29,000. Strive Financial Group LLC acquired a new position in Toast during the 4th quarter worth approximately $29,000. Ancora Advisors LLC bought a new position in shares of Toast during the 2nd quarter worth approximately $31,000. Finally, Silicon Valley Capital Partners bought a new position in shares of Toast during the 4th quarter worth approximately $36,000. 82.91% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. The Goldman Sachs Group raised shares of Toast from a "neutral" rating to a "buy" rating and set a $36.00 price objective on the stock in a research report on Thursday, July 9th. Wall Street Zen raised shares of Toast from a "hold" rating to a "buy" rating in a research report on Saturday, August 29th. Sanford C. Bernstein lifted their price target on shares of Toast from $39.00 to $45.00 and gave the company an "outperform" rating in a research note on Thursday, August 6th. Robert W. Baird increased their price objective on shares of Toast from $30.00 to $33.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 8th. Finally, DA Davidson increased their price objective on shares of Toast from $30.00 to $34.00 and gave the stock a "neutral" rating in a research note on Monday, August 10th. Sixteen research 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 has a consensus rating of "Moderate Buy" and an average target price of $39.12.

Toast Stock Performance

TOST traded down $0.66 during trading on Tuesday, reaching $33.29. 8,829,439 shares of the stock were exchanged, compared to its average volume of 11,430,060. The stock's 50 day moving average price is $32.52 and its two-hundred day moving average price is $28.59. Toast, Inc. has a twelve month low of $22.26 and a twelve month high of $42.15. The stock has a market cap of $17.11 billion, a P/E ratio of 42.68 and a beta of 1.72.

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

Insider Buying and Selling at Toast

In other news, CEO Aman Narang sold 119,843 shares of the firm's 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Elena Gomez sold 5,761 shares of the business's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $35.37, for a total value of $203,766.57. Following the transaction, the chief financial officer directly owned 160,150 shares in the company, valued at $5,664,505.50. The trade was a 3.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 522,533 shares of company stock worth $18,172,786 over the last 90 days. Company insiders own 10.03% 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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