Toast (NYSE:TOST) Trading Down 6.3% – Here’s What Happened

Shares of Toast, Inc. (NYSE:TOST) fell 6.3% during mid-day trading on Wednesday . The stock traded as low as $38.38 and last traded at $39.73. 7,139,332 shares were traded during trading, a decline of 3% from the average session volume of 7,369,523 shares. The stock had previously closed at $42.42.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TOST. Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 price objective on shares of Toast in a report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their price target on Toast from $28.00 to $36.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Stephens boosted their price target on Toast from $28.00 to $30.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. The Goldman Sachs Group reissued a “neutral” rating and issued a $45.00 price target (up from $34.00) on shares of Toast in a report on Monday. Finally, Morgan Stanley boosted their price target on Toast from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $34.43.

Toast Price Performance

The stock has a 50-day simple moving average of $33.67 and a 200-day simple moving average of $27.99. The stock has a market cap of $17.96 billion, a PE ratio of -300.46, a P/E/G ratio of 53.99 and a beta of 1.93.

Insiders Place Their Bets

In related news, Director David Yuan sold 189,785 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $43.01, for a total value of $8,162,652.85. Following the transaction, the director now owns 198,829 shares in the company, valued at approximately $8,551,635.29. The trade was a 48.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Aman Narang sold 10,106 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $27.77, for a total value of $280,643.62. Following the sale, the chief executive officer now owns 968,095 shares in the company, valued at $26,883,998.15. The trade was a 1.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,688,321 shares of company stock worth $52,160,120 over the last quarter. 13.32% of the stock is owned by corporate insiders.

Institutional Trading of Toast

Institutional investors and hedge funds have recently bought and sold shares of the company. West Branch Capital LLC bought a new position in shares of Toast during the second quarter valued at approximately $26,000. Toth Financial Advisory Corp bought a new position in shares of Toast during the third quarter valued at approximately $28,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Toast during the second quarter valued at approximately $33,000. 1620 Investment Advisors Inc. bought a new position in shares of Toast during the second quarter valued at approximately $34,000. Finally, Raleigh Capital Management Inc. grew its holdings in shares of Toast by 93.4% during the third quarter. Raleigh Capital Management Inc. now owns 1,491 shares of the company’s stock valued at $42,000 after purchasing an additional 720 shares during the last quarter. Institutional investors and hedge funds own 82.91% of the company’s stock.

Toast Company Profile

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.