Toast (NYSE:TOST) Shares Gap Down to $26.96

Toast, Inc. (NYSE:TOST - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $26.96, but opened at $26.10. Toast shares last traded at $26.38, with a volume of 1,271,242 shares traded.

Wall Street Analysts Forecast Growth

TOST has been the topic of a number of analyst reports. Piper Sandler boosted their price objective on shares of Toast from $20.00 to $25.00 and gave the company a "neutral" rating in a research report on Thursday, May 9th. BNP Paribas upgraded shares of Toast from a "neutral" rating to an "outperform" rating and set a $30.00 price target on the stock in a report on Thursday, March 7th. Evercore ISI started coverage on shares of Toast in a research note on Monday, March 4th. They issued an "outperform" rating and a $32.00 price objective for the company. The Goldman Sachs Group upped their price objective on Toast from $26.00 to $29.00 and gave the company a "buy" rating in a research report on Monday, April 15th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Toast from $25.00 to $26.00 and gave the stock a "market perform" rating in a research note on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $25.80.

Toast Stock Down 1.6 %

The company has a market cap of $12.02 billion, a PE ratio of -53.08 and a beta of 1.77. The firm has a 50 day simple moving average of $24.22 and a 200-day simple moving average of $20.26.

Toast (NYSE:TOST - Get Free Report) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.15) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.15). The business had revenue of $1.08 billion for the quarter, compared to analysts' expectations of $1.04 billion. Toast had a negative net margin of 6.02% and a negative return on equity of 21.45%. During the same period last year, the business earned ($0.16) EPS. The company's revenue was up 31.3% compared to the same quarter last year. As a group, equities analysts anticipate that Toast, Inc. will post -0.16 EPS for the current year.

Insider Transactions at Toast

In related news, CRO Jonathan Vassil sold 100,000 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $25.24, for a total value of $2,524,000.00. Following the completion of the transaction, the executive now directly owns 22,956 shares of the company's stock, valued at approximately $579,409.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, President Stephen Fredette sold 2,272 shares of the stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $23.40, for a total value of $53,164.80. Following the transaction, the president now directly owns 2,835,759 shares of the company's stock, valued at $66,356,760.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Jonathan Vassil sold 100,000 shares of Toast stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $25.24, for a total value of $2,524,000.00. Following the sale, the executive now directly owns 22,956 shares of the company's stock, valued at approximately $579,409.44. The disclosure for this sale can be found here. Over the last three months, insiders have sold 193,010 shares of company stock valued at $4,711,760. Corporate insiders own 13.32% of the company's stock.

Hedge Funds Weigh In On Toast

A number of institutional investors have recently bought and sold shares of the business. Sei Investments Co. grew its stake in shares of Toast by 105.0% during the 3rd quarter. Sei Investments Co. now owns 691,018 shares of the company's stock worth $12,943,000 after purchasing an additional 353,903 shares during the period. Vanguard Group Inc. boosted its holdings in Toast by 11.1% in the 3rd quarter. Vanguard Group Inc. now owns 35,079,123 shares of the company's stock worth $657,032,000 after buying an additional 3,494,579 shares during the last quarter. ARK Investment Management LLC raised its holdings in shares of Toast by 101.5% during the fourth quarter. ARK Investment Management LLC now owns 2,345,520 shares of the company's stock valued at $42,829,000 after acquiring an additional 1,181,409 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Toast by 7.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,310,196 shares of the company's stock valued at $42,184,000 after acquiring an additional 150,425 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its stake in shares of Toast by 1,542.9% in the fourth quarter. International Assets Investment Management LLC now owns 57,336 shares of the company's stock worth $1,047,000 after acquiring an additional 53,846 shares during the last quarter. 82.91% of the stock is owned by hedge funds and other institutional investors.

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.