Neo Ivy Capital Management Sells 27,056 Shares of Toast, Inc. (NYSE:TOST)

Key Points

• Neo Ivy Capital Management reduced its holdings in Toast, Inc. by 29.6%, owning 64,498 shares worth approximately $2.14 million after selling 27,056 shares.
• Wall Street analysts have mixed opinions on Toast, with twelve recommending a hold rating while fifteen have issued buy ratings, leading to an average rating of "Moderate Buy" and a consensus price target of $43.17.
• Insider trading has seen significant activity, with directors selling 466,131 shares totaling over $20 million, representing a decrease in their ownership stake.

Neo Ivy Capital Management reduced its holdings in Toast, Inc. (NYSE:TOST - Free Report) by 29.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 64,498 shares of the company's stock after selling 27,056 shares during the quarter. Neo Ivy Capital Management's holdings in Toast were worth $2,139,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wayfinding Financial LLC bought a new stake in shares of Toast in the first quarter valued at about $34,000. Piscataqua Savings Bank lifted its stake in shares of Toast by 57.1% in the first quarter. Piscataqua Savings Bank now owns 1,100 shares of the company's stock valued at $36,000 after buying an additional 400 shares during the period. West Branch Capital LLC lifted its stake in shares of Toast by 862.1% in the first quarter. West Branch Capital LLC now owns 1,116 shares of the company's stock valued at $37,000 after buying an additional 1,000 shares during the period. SBI Securities Co. Ltd. lifted its stake in shares of Toast by 29.2% in the first quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock valued at $42,000 after buying an additional 284 shares during the period. Finally, Signaturefd LLC lifted its stake in shares of Toast by 227.1% in the first quarter. Signaturefd LLC now owns 1,472 shares of the company's stock valued at $49,000 after buying an additional 1,022 shares during the period. 82.91% of the stock is owned by institutional investors and hedge funds.

Toast Stock Up 1.4%

TOST traded up $0.69 during trading on Friday, hitting $48.76. The company had a trading volume of 7,212,185 shares, compared to its average volume of 7,633,138. The company has a market capitalization of $24.28 billion, a PE ratio of 211.98 and a beta of 2.00. Toast, Inc. has a one year low of $22.10 and a one year high of $49.20. The firm's 50-day moving average price is $43.78 and its 200 day moving average price is $39.25.

Insiders Place Their Bets

In related news, General Counsel Brian R. Elworthy sold 5,681 shares of the business's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $42.59, for a total value of $241,953.79. Following the sale, the general counsel directly owned 221,767 shares of the company's stock, valued at approximately $9,445,056.53. The trade was a 2.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CRO Jonathan Vassil sold 6,592 shares of the business's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $42.59, for a total transaction of $280,753.28. Following the completion of the sale, the executive directly owned 61,791 shares in the company, valued at $2,631,678.69. This represents a 9.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 466,131 shares of company stock worth $20,048,851 in the last ninety days. 13.32% of the stock is owned by insiders.

Analyst Ratings Changes

TOST has been the subject of several research reports. Barclays reiterated an "overweight" rating on shares of Toast in a research note on Wednesday, July 16th. Piper Sandler raised their price target on shares of Toast from $35.00 to $37.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Truist Financial raised their price target on shares of Toast from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Morgan Stanley raised their price target on shares of Toast from $46.00 to $50.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Finally, Wolfe Research upgraded shares of Toast from a "peer perform" rating to an "outperform" rating and set a $44.00 price target for the company in a research note on Wednesday, April 23rd. Twelve investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $43.17.

Toast Profile

Toast, Inc operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, and India. The company offers software products for restaurant operations and point of sale, such as Toast POS, Toast now, multi-location management, kitchen display system, Toast mobile order and pay, Toast catering and events, Toast invoicing, Toast tables, and restaurant retail; and hardware products, including Toast flex, Toast flex for guest, Toast go 2, Toast tap, kiosks, and Delphi by Toast.