Toast (NYSE:TOST) Shares Gap Up – What’s Next?

Toast, Inc. (NYSE:TOST)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $26.03, but opened at $27.47. Toast shares last traded at $27.8550, with a volume of 6,168,642 shares traded.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on TOST shares. The Goldman Sachs Group cut their target price on Toast from $43.00 to $31.00 and set a “neutral” rating for the company in a research report on Tuesday, February 17th. Morgan Stanley set a $45.00 price target on Toast in a report on Friday, May 8th. Oppenheimer restated an “outperform” rating and set a $36.00 price target on shares of Toast in a report on Friday, May 8th. Mizuho cut their price target on Toast from $45.00 to $38.00 and set an “outperform” rating for the company in a report on Tuesday, May 12th. Finally, Sanford C. Bernstein set a $39.00 price target on Toast in a report on Monday, February 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $37.84.

Toast Trading Up 6.7%

The firm has a market capitalization of $14.33 billion, a P/E ratio of 42.78 and a beta of 1.76. The firm has a 50 day moving average price of $26.27 and a 200-day moving average price of $30.23.

Toast announced that its board has initiated a stock repurchase plan on Thursday, February 12th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, General Counsel Brian R. Elworthy sold 3,664 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $95,960.16. Following the completion of the sale, the general counsel directly owned 243,642 shares of the company’s stock, valued at $6,380,983.98. This trade represents a 1.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Aman Narang sold 13,463 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $352,595.97. Following the sale, the chief executive officer directly owned 54,013 shares of the company’s stock, valued at $1,414,600.47. This represents a 19.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 39,783 shares of company stock worth $1,041,917. 10.03% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Toast

Institutional investors and hedge funds have recently modified their holdings of the business. Bayban bought a new stake in shares of Toast during the 4th quarter worth approximately $25,000. SHP Wealth Management bought a new stake in shares of Toast during the 4th quarter worth approximately $29,000. Strive Financial Group LLC bought a new stake in shares of Toast during the 4th quarter worth approximately $29,000. Central Pacific Bank Trust Division lifted its stake in shares of Toast by 123.5% during the 4th quarter. Central Pacific Bank Trust Division now owns 943 shares of the company’s stock worth $33,000 after acquiring an additional 521 shares during the last quarter. Finally, Silicon Valley Capital Partners bought a new stake in shares of Toast during the 4th quarter worth approximately $36,000. 82.91% of the stock is owned by institutional investors.

About Toast

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.