Toast (NYSE:TOST) Sets New 52-Week High - Here's Why

Key Points

• Toast, Inc. shares reached a new 52-week high during mid-day trading, peaking at $49.66 before settling at $48.49.
• Research analysts have expressed optimism, with several firms like Morgan Stanley and Jefferies Financial Group raising their price targets to between $50.00 and $54.00 and issuing "buy" ratings.
• Insider activity indicates significant stock sales, with key executives like Director Paul D. Bell and General Counsel Brian R. Elworthy selling notable shares, reflecting a decrease in their ownership of the company.

Shares of Toast, Inc. (NYSE:TOST - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $49.66 and last traded at $48.49, with a volume of 508285 shares trading hands. The stock had previously closed at $49.30.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on TOST shares. Morgan Stanley raised their price target on Toast from $46.00 to $50.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Wells Fargo & Company initiated coverage on Toast in a research report on Wednesday, July 16th. They set a "buy" rating for the company. Jefferies Financial Group raised their price objective on shares of Toast from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Truist Financial boosted their target price on Toast from $48.00 to $50.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Finally, Wolfe Research raised 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. Twelve equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $43.42.

Toast Price Performance

The stock has a market capitalization of $24.15 billion, a P/E ratio of 211.09 and a beta of 2.01. The firm has a 50-day simple moving average of $44.42 and a 200 day simple moving average of $39.79.

Insider Activity at Toast

In other news, Director Paul D. Bell sold 11,000 shares of the firm's stock in a transaction dated Thursday, May 15th. The stock was 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 in the company, valued at $10,365,458.40. This trade represents a 4.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Brian R. Elworthy sold 300,000 shares of Toast stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $42.60, for a total value of $12,780,000.00. Following the completion of the sale, the general counsel owned 216,156 shares of the company's stock, valued at approximately $9,208,245.60. The trade was a 58.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 466,131 shares of company stock valued at $20,048,851 over the last ninety days. Insiders own 13.32% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TOST. Procyon Advisors LLC purchased a new position in Toast in the first quarter worth $242,000. Wealth Enhancement Advisory Services LLC boosted its position in Toast by 19.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,751 shares of the company's stock worth $829,000 after purchasing an additional 3,713 shares during the last quarter. Yorktown Management & Research Co Inc bought a new position in shares of Toast during the 1st quarter worth $252,000. Principal Financial Group Inc. lifted its holdings in Toast by 14,258.8% during the first quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company's stock valued at $181,587,000 after purchasing an additional 5,436,317 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in Toast during the fourth quarter valued at about $83,684,000. Hedge funds and other institutional investors own 82.91% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.