OP Asset Management Ltd Takes Position in Toast, Inc. $TOST

OP Asset Management Ltd acquired a new position in shares of Toast, Inc. (NYSE:TOST) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 138,620 shares of the company’s stock, valued at approximately $3,675,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TOST. Bayban bought a new stake in Toast in the fourth quarter valued at approximately $25,000. SHP Wealth Management bought a new position in Toast during the 4th quarter worth approximately $29,000. Strive Financial Group LLC bought a new position in Toast during the 4th quarter worth approximately $29,000. Central Pacific Bank Trust Division lifted its position in shares of Toast by 123.5% in the 4th quarter. Central Pacific Bank Trust Division now owns 943 shares of the company’s stock worth $33,000 after purchasing an additional 521 shares during the period. Finally, Silicon Valley Capital Partners acquired a new position in shares of Toast in the 4th quarter worth approximately $36,000. 82.91% of the stock is owned by institutional investors and hedge funds.

Toast Stock Performance

Toast stock opened at $27.16 on Friday. The stock has a market capitalization of $14.01 billion, a price-to-earnings ratio of 41.78 and a beta of 1.76. Toast, Inc. has a 52-week low of $22.26 and a 52-week high of $49.66. The stock’s 50 day moving average price is $25.69 and its two-hundred day moving average price is $28.94.

Analyst Upgrades and Downgrades

TOST has been the subject of several recent analyst reports. Citigroup decreased their price objective on shares of Toast from $42.00 to $36.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Rothschild & Co Redburn restated a “neutral” rating and issued a $35.00 target price on shares of Toast in a report on Tuesday, May 12th. Zacks Research raised shares of Toast from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 26th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Toast in a research report on Monday, June 1st. Finally, Piper Sandler assumed coverage on Toast in a report on Wednesday, June 10th. They set an “overweight” rating and a $32.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $37.62.

Insider Activity at Toast

In other Toast news, General Counsel Brian R. Elworthy sold 108,000 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.89, for a total value of $2,796,120.00. Following the completion of the sale, the general counsel directly owned 189,642 shares in the company, valued at approximately $4,909,831.38. This trade represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Aman Narang sold 13,463 shares of Toast stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total transaction of $352,595.97. Following the completion of the sale, the chief executive officer directly owned 54,013 shares of the company’s stock, valued at approximately $1,414,600.47. This trade represents a 19.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 147,783 shares of company stock worth $3,838,037 over the last ninety days. 10.03% of the stock is owned by corporate insiders.

Toast 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.