Toast Sees Unusually High Options Volume (NYSE:TOST)

Toast, Inc. (NYSE:TOST - Get Free Report) saw unusually large options trading activity on Tuesday. Investors purchased 19,680 call options on the company. This represents an increase of approximately 43% compared to the average daily volume of 13,726 call options.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TOST. Evercore ISI began coverage on shares of Toast in a research note on Wednesday, April 9th. They issued an "in-line" rating and a $29.00 target price for the company. Morgan Stanley upped their target price on shares of Toast from $46.00 to $50.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Wolfe Research raised shares of Toast from a "peer perform" rating to an "outperform" rating and set a $44.00 price target on the stock in a research report on Wednesday, April 23rd. BMO Capital Markets boosted their price objective on Toast from $44.00 to $45.00 and gave the company an "outperform" rating in a report on Monday, May 12th. Finally, Wall Street Zen downgraded Toast from a "buy" rating to a "hold" rating in a report on Saturday. Thirteen analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $41.21.

Toast Price Performance

Shares of Toast stock traded down $1.30 during midday trading on Tuesday, hitting $43.53. The company had a trading volume of 13,194,393 shares, compared to its average volume of 6,788,672. The business's 50 day simple moving average is $42.06 and its two-hundred day simple moving average is $38.49. The stock has a market cap of $21.68 billion, a PE ratio of 189.26 and a beta of 2.00. Toast has a 1-year low of $22.10 and a 1-year high of $46.53.

Insider Activity at Toast

In other news, Director Christopher P. Comparato sold 70,000 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $44.74, for a total value of $3,131,800.00. Following the completion of the transaction, the director owned 187,140 shares of the company's stock, valued at $8,372,643.60. The trade was a 27.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Paul D. Bell sold 11,000 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $45.13, for a total transaction of $496,430.00. Following the completion of the transaction, the director directly owned 229,680 shares of the company's stock, valued at approximately $10,365,458.40. This represents a 4.57% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 536,131 shares of company stock valued at $22,443,551 in the last quarter. 13.32% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Toast

Several hedge funds and other institutional investors have recently modified their holdings of the stock. SBI Securities Co. Ltd. acquired a new stake in Toast during the fourth quarter worth $35,000. Wayfinding Financial LLC acquired a new stake in Toast during the first quarter worth $34,000. Piscataqua Savings Bank boosted its stake in Toast by 57.1% during the first quarter. Piscataqua Savings Bank now owns 1,100 shares of the company's stock worth $36,000 after buying an additional 400 shares in the last quarter. West Branch Capital LLC boosted its stake in Toast by 862.1% during the first quarter. West Branch Capital LLC now owns 1,116 shares of the company's stock worth $37,000 after buying an additional 1,000 shares in the last quarter. Finally, Signaturefd LLC boosted its stake in Toast by 227.1% during the first quarter. Signaturefd LLC now owns 1,472 shares of the company's stock worth $49,000 after buying an additional 1,022 shares in the last quarter. Institutional investors and hedge funds own 82.91% of the company's stock.

About Toast

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.