Toast, Inc. $TOST Shares Sold by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments Co. Ltd. drastically reduced its stake in Toast, Inc. by 93%, owning only 3,709 shares after selling 49,131 shares in the second quarter.
• Toast reported earnings with a missed EPS estimate, posting $0.13 compared to the expected $0.23, but its revenue rose 24.8% year-over-year to $1.55 billion.
• Analysts' ratings for Toast include 15 buy ratings and 11 hold ratings, reflecting a consensus price target of $45.78 amid positive stock ratings adjustments.

Mirae Asset Global Investments Co. Ltd. lowered its position in Toast, Inc. (NYSE:TOST - Free Report) by 93.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,709 shares of the company's stock after selling 49,131 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Toast were worth $164,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. J. Safra Sarasin Holding AG purchased a new position in shares of Toast in the 2nd quarter worth about $1,923,000. ASR Vermogensbeheer N.V. grew its stake in Toast by 56.0% during the second quarter. ASR Vermogensbeheer N.V. now owns 23,386 shares of the company's stock worth $1,036,000 after buying an additional 8,391 shares during the period. Robeco Institutional Asset Management B.V. grew its stake in Toast by 105.7% during the second quarter. Robeco Institutional Asset Management B.V. now owns 944,600 shares of the company's stock worth $41,836,000 after buying an additional 485,428 shares during the period. LBP AM SA purchased a new position in Toast in the second quarter valued at about $4,549,000. Finally, Truist Financial Corp boosted its holdings in Toast by 34.2% in the 2nd quarter. Truist Financial Corp now owns 33,448 shares of the company's stock worth $1,481,000 after acquiring an additional 8,530 shares during the period. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Toast Stock Performance

NYSE:TOST opened at $35.04 on Friday. The company has a market capitalization of $17.87 billion, a price-to-earnings ratio of 103.04 and a beta of 1.94. Toast, Inc. has a one year low of $27.65 and a one year high of $49.66. The stock has a 50-day simple moving average of $41.14 and a 200 day simple moving average of $40.84.

Toast (NYSE:TOST - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.23 by ($0.10). Toast had a return on equity of 14.19% and a net margin of 4.07%.The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the prior year, the business earned $0.02 EPS. The company's quarterly revenue was up 24.8% on a year-over-year basis. On average, equities research analysts forecast that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on TOST shares. Wall Street Zen raised shares of Toast from a "hold" rating to a "buy" rating in a research report on Friday, October 3rd. Wells Fargo & Company started coverage on shares of Toast in a research note on Wednesday, July 16th. They set a "buy" rating on the stock. Truist Financial lifted 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. Canaccord Genuity Group raised their target price on Toast from $48.00 to $54.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Finally, Robert W. Baird lowered their target price on Toast from $48.00 to $36.00 and set a "neutral" rating for the company in a research note on Monday, October 6th. Fifteen analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $45.78.

Insider Activity

In other Toast news, CFO Elena Gomez sold 9,054 shares of the business's stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total transaction of $321,960.24. Following the completion of the sale, the chief financial officer owned 149,572 shares in the company, valued at $5,318,780.32. The trade was a 5.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CRO Jonathan Vassil sold 6,530 shares of Toast stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total transaction of $232,206.80. Following the completion of the transaction, the executive directly owned 69,932 shares of the company's stock, valued at $2,486,781.92. This trade represents a 8.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 62,196 shares of company stock valued at $2,398,513 over the last quarter. 12.14% of the stock is owned by company insiders.

Toast Company 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.

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