Toast (NYSE:TOST) Stock Price Down 6.4% – Here’s Why

Toast, Inc. (NYSE:TOST) shares traded down 6.4% on Thursday . The company traded as low as $33.33 and last traded at $32.57. 413,480 shares were traded during trading, a decline of 94% from the average session volume of 6,519,297 shares. The stock had previously closed at $34.78.

Analysts Set New Price Targets

Several analysts recently commented on the company. Compass Point started coverage on Toast in a report on Wednesday, November 20th. They issued a “buy” rating and a $49.00 price objective for the company. Keefe, Bruyette & Woods boosted their price target on Toast from $40.00 to $42.00 and gave the company a “market perform” rating in a research note on Thursday, February 20th. Canaccord Genuity Group increased their price objective on shares of Toast from $43.00 to $48.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. DA Davidson restated a “neutral” rating and set a $38.00 target price (down from $44.00) on shares of Toast in a research report on Thursday, December 5th. Finally, JPMorgan Chase & Co. upped their target price on shares of Toast from $36.00 to $42.00 and gave the company a “neutral” rating in a report on Thursday, February 20th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Toast presently has a consensus rating of “Hold” and a consensus target price of $40.48.

Toast Trading Down 6.0 %

The firm has a market cap of $16.15 billion, a P/E ratio of -3,278.72, a P/E/G ratio of 2.16 and a beta of 1.99. The stock has a 50 day simple moving average of $38.19 and a 200-day simple moving average of $34.58.

Toast (NYSE:TOST) last posted its earnings results on Wednesday, February 19th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). Toast had a return on equity of 1.54% and a net margin of 0.40%. The business had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.32 billion. As a group, equities analysts forecast that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Toast

In other news, President Stephen Fredette sold 70,340 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $33.87, for a total value of $2,382,415.80. Following the sale, the president now directly owns 1,574,316 shares in the company, valued at approximately $53,322,082.92. This represents a 4.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Brian R. Elworthy sold 653 shares of the business’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $39.63, for a total value of $25,878.39. Following the transaction, the general counsel now owns 209,206 shares of the company’s stock, valued at approximately $8,290,833.78. The trade was a 0.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 220,119 shares of company stock worth $7,797,608 over the last ninety days. Company insiders own 13.32% of the company’s stock.

Institutional Trading of Toast

Hedge funds and other institutional investors have recently bought and sold shares of the business. Blue Trust Inc. grew its holdings in shares of Toast by 120.4% in the fourth quarter. Blue Trust Inc. now owns 692 shares of the company’s stock worth $25,000 after purchasing an additional 378 shares during the last quarter. Piscataqua Savings Bank bought a new position in Toast in the 4th quarter worth about $26,000. Stonebridge Financial Group LLC purchased a new position in shares of Toast during the fourth quarter worth approximately $34,000. SBI Securities Co. Ltd. bought a new stake in shares of Toast during the fourth quarter valued at approximately $35,000. Finally, Wingate Wealth Advisors Inc. purchased a new stake in shares of Toast in the fourth quarter valued at approximately $40,000. Hedge funds and other 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.