Toast (NYSE:TOST) Hits New 52-Week High After Analyst Upgrade

Toast, Inc. (NYSE:TOST)’s stock price hit a new 52-week high on Thursday after Piper Sandler raised their price target on the stock from $20.00 to $25.00. Piper Sandler currently has a neutral rating on the stock. Toast traded as high as $27.57 and last traded at $26.58, with a volume of 1499676 shares. The stock had previously closed at $26.82.

Other research analysts also recently issued reports about the stock. Evercore ISI began coverage on shares of Toast in a research report on Monday, March 4th. They issued an “outperform” rating and a $32.00 target price on the stock. Royal Bank of Canada boosted their target price on Toast from $23.00 to $27.00 and gave the stock a “sector perform” rating in a report on Wednesday. Redburn Atlantic raised Toast from a “neutral” rating to a “buy” rating and set a $28.00 price target on the stock in a research report on Wednesday, February 7th. UBS Group boosted their price objective on Toast from $22.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, March 28th. Finally, Keefe, Bruyette & Woods raised their target price on Toast from $25.00 to $26.00 and gave the company a “market perform” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $25.80.

Insider Activity

In related news, CRO Jonathan Vassil sold 100,000 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $25.24, for a total transaction of $2,524,000.00. Following the completion of the sale, the executive now owns 22,956 shares of the company’s stock, valued at $579,409.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Toast news, President Stephen Fredette sold 2,272 shares of Toast stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $23.40, for a total transaction of $53,164.80. Following the transaction, the president now directly owns 2,835,759 shares of the company’s stock, valued at approximately $66,356,760.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Jonathan Vassil sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $25.24, for a total transaction of $2,524,000.00. Following the completion of the transaction, the executive now owns 22,956 shares in the company, valued at approximately $579,409.44. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 180,510 shares of company stock valued at $4,381,885. 13.32% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in TOST. Sei Investments Co. increased its position in Toast by 105.0% in the 3rd quarter. Sei Investments Co. now owns 691,018 shares of the company’s stock valued at $12,943,000 after buying an additional 353,903 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of 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 purchasing an additional 3,494,579 shares in the last quarter. ARK Investment Management LLC grew its position in Toast by 101.5% in the 4th quarter. ARK Investment Management LLC now owns 2,345,520 shares of the company’s stock valued at $42,829,000 after purchasing an additional 1,181,409 shares during the period. International Assets Investment Management LLC increased its stake in Toast by 1,542.9% during the 4th quarter. International Assets Investment Management LLC now owns 57,336 shares of the company’s stock valued at $1,047,000 after purchasing an additional 53,846 shares in the last quarter. Finally, Hudson Bay Capital Management LP bought a new position in shares of Toast in the third quarter valued at $936,000. 82.91% of the stock is owned by institutional investors.

Toast Price Performance

The stock has a market capitalization of $12.00 billion, a price-to-earnings ratio of -52.59 and a beta of 1.77. The business’s fifty day moving average price is $23.71 and its 200-day moving average price is $19.57.

Toast (NYSE:TOST) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.15) EPS for the quarter, hitting analysts’ consensus estimates of ($0.15). Toast had a negative return on equity of 21.77% and a negative net margin of 6.36%. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the previous year, the company posted ($0.16) EPS. The company’s revenue for the quarter was up 31.3% on a year-over-year basis. Equities research analysts predict that Toast, Inc. will post -0.22 earnings per share for the current fiscal year.

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.