Nano Cap New Millennium Growth Fund L P Acquires Shares of 48,500 Toast, Inc. $TOST

Key Points

• Nano Cap New Millennium Growth Fund L P opened a new position in Toast during the fourth quarter, buying 48,500 shares valued at about $1.72 million. The stake represents roughly 1.5% of the fund’s portfolio.
• Toast continues to draw heavy institutional interest, with about 82.91% of the stock owned by hedge funds and other institutions. Several firms recently increased holdings, including Allianz Asset Management, Candriam, and Citigroup.
• Toast stock was trading near its 52-week low at $23.01, while analysts remain cautiously bullish with a consensus “Moderate Buy” rating and an average price target of $37.84. The company also has a board-approved share repurchase plan, though the article notes the authorization amount as $0.00.

Nano Cap New Millennium Growth Fund L P bought a new stake in Toast, Inc. (NYSE:TOST - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 48,500 shares of the company's stock, valued at approximately $1,722,000. Toast accounts for about 1.5% of Nano Cap New Millennium Growth Fund L P's portfolio, making the stock its 15th biggest position.

A number of other large investors have also recently made changes to their positions in the company. Allianz Asset Management GmbH grew its position in Toast by 322.0% in the 3rd quarter. Allianz Asset Management GmbH now owns 362,765 shares of the company's stock valued at $13,245,000 after acquiring an additional 276,803 shares during the last quarter. Candriam S.C.A. boosted its stake in shares of Toast by 10.9% during the third quarter. Candriam S.C.A. now owns 602,200 shares of the company's stock valued at $21,986,000 after purchasing an additional 59,045 shares during the period. Citigroup Inc. boosted its stake in shares of Toast by 17.2% during the third quarter. Citigroup Inc. now owns 1,042,102 shares of the company's stock valued at $38,047,000 after purchasing an additional 152,807 shares during the period. Quantbot Technologies LP purchased a new position in Toast in the 3rd quarter worth about $2,891,000. Finally, Capital International Investors increased its stake in Toast by 7.4% in the 3rd quarter. Capital International Investors now owns 48,428,060 shares of the company's stock worth $1,768,256,000 after buying an additional 3,351,545 shares during the period. 82.91% of the stock is owned by hedge funds and other institutional investors.

Toast Stock Performance

TOST stock opened at $23.01 on Friday. Toast, Inc. has a one year low of $22.26 and a one year high of $49.66. The firm has a market cap of $11.87 billion, a price-to-earnings ratio of 35.39 and a beta of 1.81. The firm has a 50-day simple moving average of $26.73 and a two-hundred day simple moving average of $30.77.

Toast announced that its board has approved a share repurchase plan on Thursday, February 12th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

TOST has been the subject of several research reports. Rothschild & Co Redburn reissued a "neutral" rating and issued a $35.00 price objective on shares of Toast in a research report on Tuesday, May 12th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Toast in a research note on Wednesday. Citigroup lowered their price target on Toast from $42.00 to $36.00 and set a "buy" rating for the company in a report on Friday, May 8th. Truist Financial dropped their price objective on Toast from $36.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, May 12th. Finally, BMO Capital Markets initiated coverage on Toast in a research report on Tuesday, April 21st. They set an "outperform" rating and a $35.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.84.

Insider Activity

In related news, CFO Elena Gomez sold 8,929 shares of the stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total transaction of $233,850.51. Following the completion of the sale, the chief financial officer owned 173,064 shares of the company's stock, valued at $4,532,546.16. This represents a 4.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Jonathan Vassil sold 6,438 shares of the firm's stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total transaction of $168,611.22. Following the completion of the sale, the executive owned 146,618 shares of the company's stock, valued at approximately $3,839,925.42. This trade represents a 4.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 39,783 shares of company stock worth $1,041,917 over the last 90 days. 12.14% of the stock is currently owned by 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.

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