Toast (NYSE:TOST) Trading Down 5.5% - What's Next?

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

Analysts Set New Price Targets

A number of brokerages have weighed in on TOST. Morgan Stanley boosted their target price on shares of Toast from $46.00 to $50.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. BMO Capital Markets raised their price target on shares of Toast from $44.00 to $45.00 and gave the company an "outperform" rating in a report on Monday, May 12th. Wolfe Research raised Toast from a "peer perform" rating to an "outperform" rating and set a $44.00 price objective on the stock in a report on Wednesday, April 23rd. Truist Financial started coverage on shares of Toast in a research report on Monday, June 2nd. They set a "buy" rating and a $48.00 target price on the stock. Finally, Wells Fargo & Company raised their price target on Toast from $39.00 to $46.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $41.21.

Toast Stock Down 7.0%

The firm has a market capitalization of $20.69 billion, a price-to-earnings ratio of 180.65 and a beta of 2.02. The business's fifty day moving average is $40.51 and its 200 day moving average is $38.14.

Insider Activity

In other Toast news, Director Richard Kent Bennett sold 9,712 shares of Toast stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $43.14, for a total value of $418,975.68. Following the sale, the director now directly owns 534,167 shares in the company, valued at approximately $23,043,964.38. The trade was a 1.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Brian R. Elworthy sold 300,000 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $42.60, for a total transaction of $12,780,000.00. Following the sale, the general counsel now directly owns 216,156 shares in the company, valued at $9,208,245.60. This trade represents a 58.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 468,212 shares of company stock worth $19,551,906 over the last three months. Corporate insiders own 13.32% of the company's stock.

Institutional Trading of Toast

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. SBI Securities Co. Ltd. grew its stake in Toast by 29.2% in the first quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock valued at $42,000 after purchasing an additional 284 shares in the last quarter. Stonekeep Investments LLC boosted its holdings in shares of Toast by 4.0% in the 1st quarter. Stonekeep Investments LLC now owns 7,791 shares of the company's stock valued at $258,000 after buying an additional 297 shares during the last quarter. Advisors Asset Management Inc. grew its stake in shares of Toast by 7.3% in the first quarter. Advisors Asset Management Inc. now owns 4,439 shares of the company's stock valued at $147,000 after buying an additional 301 shares in the last quarter. Keel Point LLC grew its stake in shares of Toast by 2.7% in the fourth quarter. Keel Point LLC now owns 12,269 shares of the company's stock valued at $447,000 after buying an additional 326 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in Toast by 11.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,435 shares of the company's stock worth $125,000 after buying an additional 358 shares during 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.