Toast, Inc. $TOST Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia cut its Toast stake by 97.3% in the first quarter, selling 1.21 million shares and retaining 33,053 shares valued at $876,000. Institutional investors and hedge funds still own 82.91% of the company.
• Toast insiders sold 159,265 shares worth approximately $4.28 million over the past 90 days. CFO Elena Gomez and CEO Aman Narang said their July sales were intended to cover tax withholding obligations tied to vested equity awards.
• Toast reported quarterly revenue of $1.63 billion, up 21.9% year over year, but missed the EPS consensus estimate. Wall Street maintains a “Moderate Buy” rating with a consensus price target of $37.15, above the reported opening price of $32.55.

Bank of Nova Scotia reduced its holdings in shares of Toast, Inc. (NYSE:TOST - Free Report) by 97.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 33,053 shares of the company's stock after selling 1,213,984 shares during the period. Bank of Nova Scotia's holdings in Toast were worth $876,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Lido Advisors LLC boosted its position in Toast by 214.9% in the 1st quarter. Lido Advisors LLC now owns 121,208 shares of the company's stock valued at $3,213,000 after buying an additional 82,714 shares during the period. Globeflex Capital L P increased its position in shares of Toast by 31.4% during the first quarter. Globeflex Capital L P now owns 162,251 shares of the company's stock worth $4,301,000 after acquiring an additional 38,805 shares during the period. State of Wyoming increased its position in shares of Toast by 76.7% during the first quarter. State of Wyoming now owns 76,738 shares of the company's stock worth $2,034,000 after acquiring an additional 33,303 shares during the period. Cetera Investment Advisers raised its stake in shares of Toast by 4.2% in the first quarter. Cetera Investment Advisers now owns 115,791 shares of the company's stock valued at $3,070,000 after acquiring an additional 4,635 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Toast by 34.8% in the first quarter. PNC Financial Services Group Inc. now owns 20,717 shares of the company's stock valued at $549,000 after acquiring an additional 5,353 shares in the last quarter. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Toast

In related news, CFO Elena Gomez sold 11,605 shares of the business's stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total transaction of $334,804.25. Following the completion of the sale, the chief financial officer owned 185,150 shares in the company, valued at $5,341,577.50. The trade was a 5.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Aman Narang sold 14,365 shares of the company's stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total value of $414,430.25. Following the completion of the transaction, the chief executive officer directly owned 70,451 shares of the company's stock, valued at $2,032,511.35. This trade represents a 16.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 159,265 shares of company stock worth $4,278,832. 10.03% of the stock is currently owned by corporate insiders.

Toast Price Performance

Toast stock opened at $32.55 on Thursday. Toast, Inc. has a 1-year low of $22.26 and a 1-year high of $49.66. The stock has a market cap of $16.79 billion, a PE ratio of 50.07 and a beta of 1.74. The stock's fifty day moving average is $27.08 and its two-hundred day moving average is $27.90.

Toast (NYSE:TOST - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.20 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.28 by ($0.08). The business had revenue of $1.63 billion for the quarter, compared to analysts' expectations of $1.63 billion. Toast had a return on equity of 20.86% and a net margin of 6.39%.The firm's quarterly revenue was up 21.9% on a year-over-year basis. During the same period last year, the firm earned $0.09 earnings per share. On average, research analysts expect that Toast, Inc. will post 0.97 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on TOST. The Goldman Sachs Group raised Toast from a "neutral" rating to a "buy" rating and set a $36.00 target price for the company in a research note on Thursday, July 9th. Truist Financial increased their price target on Toast from $30.00 to $33.00 and gave the company a "buy" rating in a research report on Friday, July 24th. Weiss Ratings reiterated a "hold (c)" rating on shares of Toast in a research note on Wednesday, May 20th. Mizuho lowered their price objective on Toast from $45.00 to $38.00 and set an "outperform" rating for the company in a research report on Tuesday, May 12th. Finally, Barclays started coverage on Toast in a research report on Tuesday, July 7th. They set an "overweight" rating and a $35.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Toast presently has an average rating of "Moderate Buy" and a consensus price target of $37.15.

Toast Company 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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