Fulcrum Asset Management LLP Reduces Stake in Toast, Inc. $TOST

Fulcrum Asset Management LLP lowered its stake in shares of Toast, Inc. (NYSE:TOST) by 85.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,800 shares of the company’s stock after selling 107,422 shares during the period. Fulcrum Asset Management LLP’s holdings in Toast were worth $650,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Kestra Private Wealth Services LLC raised its holdings in shares of Toast by 1.1% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 51,530 shares of the company’s stock worth $1,881,000 after purchasing an additional 549 shares during the period. NewEdge Advisors LLC raised its stake in shares of Toast by 45.2% in the third quarter. NewEdge Advisors LLC now owns 93,032 shares of the company’s stock valued at $3,397,000 after buying an additional 28,948 shares during the period. Armistice Capital LLC raised its stake in shares of Toast by 7.7% in the third quarter. Armistice Capital LLC now owns 286,036 shares of the company’s stock valued at $10,443,000 after buying an additional 20,532 shares during the period. Triumph Capital Management lifted its position in shares of Toast by 15.8% during the 3rd quarter. Triumph Capital Management now owns 14,519 shares of the company’s stock valued at $530,000 after buying an additional 1,984 shares during the last quarter. Finally, Dark Forest Capital Management LP grew its stake in shares of Toast by 316.9% during the 3rd quarter. Dark Forest Capital Management LP now owns 73,846 shares of the company’s stock worth $2,696,000 after acquiring an additional 56,135 shares during the period. Institutional investors own 82.91% of the company’s stock.

Insider Activity

In other news, General Counsel Brian R. Elworthy sold 3,303 shares of the business’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $34.38, for a total transaction of $113,557.14. Following the completion of the transaction, the general counsel owned 235,757 shares of the company’s stock, valued at approximately $8,105,325.66. The trade was a 1.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Jonathan Vassil sold 1,454 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $30.34, for a total transaction of $44,114.36. Following the completion of the transaction, the executive owned 139,893 shares in the company, valued at approximately $4,244,353.62. This trade represents a 1.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 100,856 shares of company stock worth $3,540,449. Company insiders own 12.14% of the company’s stock.

Toast Stock Performance

Shares of TOST stock opened at $28.39 on Wednesday. Toast, Inc. has a 52-week low of $24.35 and a 52-week high of $49.66. The company has a market capitalization of $14.88 billion, a PE ratio of 52.58 and a beta of 1.95. The business’s fifty day moving average is $30.16 and its 200 day moving average is $34.55.

Toast (NYSE:TOST) last posted its earnings results on Thursday, February 12th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.08). The business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Toast had a return on equity of 18.14% and a net margin of 5.56%.Toast’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.05 earnings per share. On average, sell-side analysts forecast that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Toast announced that its Board of Directors has initiated a stock buyback program on Thursday, February 12th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts recently commented on TOST shares. JPMorgan Chase & Co. upgraded shares of Toast from a “neutral” rating to an “overweight” rating and set a $43.00 price target on the stock in a research note on Thursday, December 4th. Oppenheimer cut their target price on Toast from $48.00 to $39.00 and set an “outperform” rating for the company in a research note on Friday, February 13th. Morgan Stanley set a $51.00 target price on Toast in a report on Friday, February 13th. UBS Group set a $40.00 price target on Toast in a research report on Friday, February 13th. Finally, Wolfe Research downgraded shares of Toast from an “outperform” rating to a “peer perform” rating in a report on Thursday, January 8th. Seventeen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $40.46.

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.