Light Street Capital Management LLC Takes $32.48 Million Position in Toast, Inc. $TOST

Light Street Capital Management LLC purchased a new stake in Toast, Inc. (NYSE:TOST) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 1,167,500 shares of the company’s stock, valued at approximately $32,480,000. Toast comprises approximately 3.6% of Light Street Capital Management LLC’s portfolio, making the stock its 11th biggest position.

Several other hedge funds and other institutional investors have also bought and sold shares of TOST. HB Wealth Management LLC boosted its holdings in Toast by 2.5% in the 2nd quarter. HB Wealth Management LLC now owns 12,748 shares of the company’s stock valued at $355,000 after purchasing an additional 315 shares during the period. BOKF NA increased its holdings in shares of Toast by 4.5% during the third quarter. BOKF NA now owns 8,023 shares of the company’s stock worth $293,000 after purchasing an additional 345 shares during the period. Fifth Third Wealth Advisors LLC raised its position in shares of Toast by 0.5% in the first quarter. Fifth Third Wealth Advisors LLC now owns 67,909 shares of the company’s stock valued at $1,800,000 after buying an additional 358 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Toast by 1.7% in the second quarter. The Manufacturers Life Insurance Company now owns 22,857 shares of the company’s stock valued at $1,012,000 after buying an additional 380 shares during the period. Finally, Seven Mile Advisory boosted its stake in shares of Toast by 3.1% in the third quarter. Seven Mile Advisory now owns 12,689 shares of the company’s stock valued at $463,000 after buying an additional 381 shares during the period. Institutional investors and hedge funds own 82.91% of the company’s stock.

Toast Price Performance

TOST traded down $0.66 during trading on Tuesday, hitting $33.29. 8,829,439 shares of the stock traded hands, compared to its average volume of 11,430,060. Toast, Inc. has a twelve month low of $22.26 and a twelve month high of $42.15. The company has a market cap of $17.11 billion, a price-to-earnings ratio of 42.68 and a beta of 1.72. The business has a 50 day moving average price of $32.52 and a 200 day moving average price of $28.59.

Toast (NYSE:TOST) last issued its earnings results on Tuesday, August 4th. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.06). Toast had a net margin of 7.14% and a return on equity of 23.90%. The business had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same period in the prior year, the business posted $0.13 EPS. The company’s revenue for the quarter was up 23.1% compared to the same quarter last year. On average, equities research analysts predict that Toast, Inc. will post 1 earnings per share for the current year.

Insider Buying and Selling

In other news, CRO Jonathan Vassil sold 14,280 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $33.90, for a total value of $484,092.00. Following the completion of the transaction, the executive owned 69,966 shares of the company’s stock, valued at approximately $2,371,847.40. This represents a 16.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Aman Narang sold 119,843 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $35.38, for a total transaction of $4,240,045.34. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 522,533 shares of company stock worth $18,172,786 in the last ninety days. 10.03% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Robert W. Baird raised their price objective on Toast from $30.00 to $33.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 8th. Citigroup upped their target price on Toast from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Jefferies Financial Group set a $40.00 target price on Toast in a report on Wednesday, August 5th. Royal Bank Of Canada raised their price target on Toast from $36.00 to $44.00 and gave the stock a “sector perform” rating in a research report on Monday, August 31st. Finally, Zacks Research cut shares of Toast from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Sixteen research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, Toast presently has an average rating of “Moderate Buy” and an average price target of $39.12.

Toast Company Profile

Toast, Inc (NYSE: TOST) is a technology company that builds a cloud-based platform for restaurants and other foodservice businesses. Headquartered in Boston, Massachusetts, Toast offers integrated point-of-sale (POS) systems and a suite of software and hardware designed to streamline front-of-house and back-of-house operations. The company went public in 2021 and has positioned itself as a vertically integrated provider for the restaurant industry.

Toast’s product portfolio includes touchscreen POS terminals and handheld order-and-pay devices, kitchen display systems, and peripherals tailored for high-volume foodservice environments.