Toast (NYSE:TOST) Shares Down 5.5% - Here's What Happened

Toast, Inc. (NYSE:TOST - Get Free Report) dropped 5.5% during trading on Wednesday . The company traded as low as $42.25 and last traded at $42.20. Approximately 4,643,775 shares changed hands during trading, a decline of 30% from the average daily volume of 6,636,515 shares. The stock had previously closed at $44.67.

Wall Street Analyst Weigh In

TOST has been the topic of a number of analyst reports. Morgan Stanley boosted their price objective on Toast from $46.00 to $50.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Evercore ISI began coverage on Toast in a report on Wednesday, April 9th. They set an "in-line" rating and a $29.00 target price for the company. DA Davidson reduced their price target on Toast from $42.00 to $40.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 30th. Wells Fargo & Company raised their price target on Toast from $39.00 to $46.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Finally, BMO Capital Markets lifted their price objective on Toast from $44.00 to $45.00 and gave the stock an "outperform" rating in a report on Monday, May 12th. Twelve analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $41.21.

Toast Stock Performance

The stock has a market cap of $21.86 billion, a PE ratio of 190.84 and a beta of 2.02. The stock has a fifty day simple moving average of $40.87 and a two-hundred day simple moving average of $38.20.

Insider Activity at Toast

In other Toast news, Director Christopher P. Comparato sold 70,000 shares of the firm's stock in a transaction that occurred on Thursday, April 17th. The stock was sold at an average price of $34.21, for a total value of $2,394,700.00. Following the sale, the director now owns 179,316 shares of the company's stock, valued at $6,134,400.36. This trade represents a 28.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Paul D. Bell sold 11,000 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $45.13, for a total value of $496,430.00. Following the transaction, the director now owns 229,680 shares of the company's stock, valued at $10,365,458.40. This trade represents a 4.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold 468,212 shares of company stock valued at $19,551,906 over the last 90 days. 13.32% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Toast

A number of institutional investors and hedge funds have recently made changes to their positions in TOST. Blue Trust Inc. boosted its position in shares of Toast by 120.4% during the fourth quarter. Blue Trust Inc. now owns 692 shares of the company's stock worth $25,000 after buying an additional 378 shares during the period. Principal Securities Inc. increased its stake in shares of Toast by 48.4% during the fourth quarter. Principal Securities Inc. now owns 1,769 shares of the company's stock worth $64,000 after purchasing an additional 577 shares during the period. Truist Financial Corp increased its stake in shares of Toast by 13.4% during the fourth quarter. Truist Financial Corp now owns 28,698 shares of the company's stock worth $1,046,000 after purchasing an additional 3,397 shares during the period. Private Advisor Group LLC increased its stake in shares of Toast by 3.2% during the fourth quarter. Private Advisor Group LLC now owns 29,039 shares of the company's stock worth $1,058,000 after purchasing an additional 888 shares during the period. Finally, IFP Advisors Inc grew its position in Toast by 8.2% during the fourth quarter. IFP Advisors Inc now owns 10,002 shares of the company's stock worth $369,000 after buying an additional 762 shares in the last quarter. Institutional investors 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.