Odyssean LLC Grows Holdings in Toast, Inc. $TOST

Key Points

• Odyssean LLC increased its Toast stake by 144.1% in the second quarter, reaching 119,775 shares valued at approximately $3.33 million. Institutional investors collectively own 82.91% of Toast.
• Toast reported quarterly revenue of $1.91 billion, up 23.1% year over year, but earnings per share of $0.26 missed analysts’ $0.32 consensus estimate.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $39 price target, while company insiders sold more than 616,000 shares worth approximately $20.5 million over the past three months.

Odyssean LLC boosted its position in shares of Toast, Inc. (NYSE:TOST - Free Report) by 144.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 119,775 shares of the company's stock after acquiring an additional 70,700 shares during the period. Toast accounts for about 0.5% of Odyssean LLC's investment portfolio, making the stock its 13th largest position. Odyssean LLC's holdings in Toast were worth $3,332,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in TOST. NewEdge Advisors LLC increased its stake in shares of Toast by 1,555.5% in the first quarter. NewEdge Advisors LLC now owns 17,432 shares of the company's stock worth $578,000 after purchasing an additional 16,379 shares in the last quarter. Cerity Partners LLC lifted its stake in shares of Toast by 24.0% during the 2nd quarter. Cerity Partners LLC now owns 81,574 shares of the company's stock valued at $3,613,000 after buying an additional 15,774 shares in the last quarter. State Street Corp boosted its holdings in Toast by 2.7% in the 2nd quarter. State Street Corp now owns 9,212,889 shares of the company's stock worth $408,039,000 after buying an additional 245,276 shares during the period. Frontier Capital Management Co. LLC bought a new position in Toast in the 2nd quarter worth $4,479,000. Finally, Sei Investments Co. increased its stake in Toast by 24.6% in the 2nd quarter. Sei Investments Co. now owns 1,030,007 shares of the company's stock worth $45,619,000 after buying an additional 203,404 shares in the last quarter. Hedge funds and other institutional investors own 82.91% of the company's stock.

Insider Buying and Selling

In related news, CEO Aman Narang sold 119,843 shares of the business's stock in a transaction dated 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 filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Jonathan Vassil sold 85,280 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $36.34, for a total value of $3,099,075.20. Following the transaction, the executive directly owned 69,966 shares of the company's stock, valued at approximately $2,542,564.44. The trade was a 54.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 616,253 shares of company stock worth $20,484,814. Corporate insiders own 10.03% of the company's stock.

Toast Stock Performance

Shares of NYSE TOST opened at $36.81 on Wednesday. The company has a market cap of $18.92 billion, a P/E ratio of 47.19 and a beta of 1.72. Toast, Inc. has a 52-week low of $22.26 and a 52-week high of $45.64. The firm's fifty day moving average is $30.90 and its two-hundred day moving average is $28.16.

Toast (NYSE:TOST - Get Free Report) last released 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). The company had revenue of $1.91 billion for 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 firm's revenue for the quarter was up 23.1% on a year-over-year basis. During the same period last year, the company earned $0.13 EPS. As a group, analysts forecast that Toast, Inc. will post 1 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on TOST shares. UBS Group raised their price target on Toast from $34.00 to $39.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Robert W. Baird upped their price objective on Toast from $30.00 to $33.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 8th. The Goldman Sachs Group upgraded Toast from a "neutral" rating to a "buy" rating and set a $36.00 target price for the company in a research report on Thursday, July 9th. BMO Capital Markets lifted their target price on Toast from $35.00 to $40.00 and gave the company an "outperform" rating in a research note on Wednesday, August 5th. Finally, Evercore reissued an "outperform" rating on shares of Toast in a report on Wednesday, August 5th. Seventeen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $39.00.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source