ARK Investment Management LLC Grows Stock Holdings in Toast, Inc. (NYSE:TOST)

ARK Investment Management LLC boosted its stake in shares of Toast, Inc. (NYSE:TOST - Free Report) by 101.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 2,345,520 shares of the company's stock after buying an additional 1,181,409 shares during the period. ARK Investment Management LLC owned approximately 0.55% of Toast worth $42,829,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in TOST. Altimeter Capital Management LP lifted its position in shares of Toast by 3,508.4% in the first quarter. Altimeter Capital Management LP now owns 18,041,796 shares of the company's stock worth $3,933,007,000 after purchasing an additional 17,541,796 shares in the last quarter. Morgan Stanley increased its holdings in Toast by 149.3% during the third quarter. Morgan Stanley now owns 12,007,286 shares of the company's stock worth $224,896,000 after buying an additional 7,191,595 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Toast by 23.6% in the 3rd quarter. Vanguard Group Inc. now owns 27,413,189 shares of the company's stock valued at $458,348,000 after acquiring an additional 5,232,858 shares during the period. Whale Rock Capital Management LLC bought a new stake in shares of Toast in the 2nd quarter valued at about $111,554,000. Finally, Dragoneer Investment Group LLC bought a new position in Toast during the second quarter worth about $102,490,000. Institutional investors and hedge funds own 82.91% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on TOST. Mizuho reiterated a "neutral" rating and issued a $17.00 price objective on shares of Toast in a report on Wednesday. Wells Fargo & Company upped their target price on Toast from $12.00 to $15.00 and gave the company an "underweight" rating in a research report on Friday, February 16th. Bank of America downgraded Toast from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $22.00 to $16.00 in a report on Wednesday, December 6th. Piper Sandler raised their target price on shares of Toast from $18.00 to $20.00 and gave the stock a "neutral" rating in a report on Friday, February 16th. Finally, Royal Bank of Canada lifted their price objective on Toast from $19.00 to $23.00 and gave the company a "sector perform" rating in a report on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $23.20.

Toast Price Performance

NYSE TOST traded up $0.59 during trading hours on Thursday, reaching $24.92. 6,788,714 shares of the company's stock traded hands, compared to its average volume of 8,890,070. Toast, Inc. has a 52-week low of $13.77 and a 52-week high of $27.00. The firm has a 50-day simple moving average of $21.40 and a 200 day simple moving average of $18.62. The firm has a market cap of $10.89 billion, a PE ratio of -48.86 and a beta of 1.78.

Toast (NYSE:TOST - Get Free Report) last issued its quarterly earnings results on Thursday, February 15th. The company reported ($0.07) EPS for the quarter, topping analysts' consensus estimates of ($0.11) by $0.04. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.02 billion. Toast had a negative return on equity of 21.77% and a negative net margin of 6.36%. The business's revenue for the quarter was up 34.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.19) EPS. Sell-side analysts forecast that Toast, Inc. will post -0.22 EPS for the current fiscal year.

Insider Activity at Toast

In other news, General Counsel Brian R. Elworthy sold 1,722 shares of the business's stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $17.39, for a total value of $29,945.58. Following the completion of the transaction, the general counsel now owns 383,188 shares in the company, valued at $6,663,639.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, General Counsel Brian R. Elworthy sold 1,722 shares of Toast stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $17.39, for a total value of $29,945.58. Following the completion of the sale, the general counsel now owns 383,188 shares of the company's stock, valued at $6,663,639.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Aman Narang sold 2,871 shares of the stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $17.39, for a total value of $49,926.69. Following the completion of the transaction, the chief executive officer now directly owns 1,156,538 shares in the company, valued at approximately $20,112,195.82. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 359,444 shares of company stock valued at $7,276,642. 13.70% of the stock is owned by insiders.

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.