Toast, Inc. (NYSE:TOST) Sees Large Drop in Short Interest

Toast, Inc. (NYSE:TOST - Get Free Report) was the target of a significant decrease in short interest in the month of March. As of March 15th, there was short interest totalling 23,580,000 shares, a decrease of 12.5% from the February 28th total of 26,940,000 shares. Approximately 5.3% of the shares of the company are sold short. Based on an average trading volume of 6,370,000 shares, the days-to-cover ratio is presently 3.7 days.

Toast Stock Down 6.4 %

Shares of Toast stock traded down $2.08 during trading on Friday, hitting $30.58. 10,413,952 shares of the company were exchanged, compared to its average volume of 6,769,749. The firm has a 50 day moving average price of $37.16 and a 200 day moving average price of $35.79. The stock has a market capitalization of $15.10 billion, a price-to-earnings ratio of -3,054.55, a P/E/G ratio of 2.16 and a beta of 2.00. Toast has a fifty-two week low of $21.32 and a fifty-two week high of $44.12.

Toast (NYSE:TOST - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.01). The company had revenue of $1.34 billion during the quarter, compared to analysts' expectations of $1.32 billion. Toast had a net margin of 0.40% and a return on equity of 1.54%. Analysts predict that Toast will post 0.39 earnings per share for the current year.

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Insider Activity

In other news, President Stephen Fredette sold 70,340 shares of the company's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $33.87, for a total value of $2,382,415.80. Following the completion of the sale, the president now directly owns 1,574,316 shares of the company's stock, valued at approximately $53,322,082.92. This represents a 4.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Brian R. Elworthy sold 653 shares of the firm's stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $39.63, for a total value of $25,878.39. Following the transaction, the general counsel now directly owns 209,206 shares in the company, valued at approximately $8,290,833.78. This represents a 0.31 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 270,770 shares of company stock valued at $9,409,211. 13.32% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Toast

Institutional investors and hedge funds have recently modified their holdings of the company. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in Toast by 0.8% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 38,632 shares of the company's stock valued at $1,408,000 after acquiring an additional 301 shares during the last quarter. Keel Point LLC increased its stake in Toast by 2.7% in the fourth quarter. Keel Point LLC now owns 12,269 shares of the company's stock valued at $447,000 after purchasing an additional 326 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Toast by 11.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,435 shares of the company's stock valued at $125,000 after purchasing an additional 358 shares during the last quarter. Mirador Capital Partners LP lifted its position in Toast by 0.9% during the fourth quarter. Mirador Capital Partners LP now owns 41,938 shares of the company's stock worth $1,529,000 after buying an additional 360 shares during the period. Finally, Blue Trust Inc. boosted its stake in Toast by 120.4% in the 4th quarter. Blue Trust Inc. now owns 692 shares of the company's stock worth $25,000 after buying an additional 378 shares during the last quarter. Hedge funds and other institutional investors own 82.91% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Royal Bank of Canada increased their price target on Toast from $40.00 to $45.00 and gave the stock a "sector perform" rating in a report on Thursday, February 20th. Oppenheimer initiated coverage on shares of Toast in a report on Friday, January 24th. They issued an "outperform" rating and a $46.00 target price on the stock. Needham & Company LLC reissued a "buy" rating and set a $50.00 price target on shares of Toast in a report on Thursday, February 20th. Robert W. Baird raised their price objective on shares of Toast from $38.00 to $40.00 and gave the company a "neutral" rating in a research report on Thursday, February 20th. Finally, UBS Group boosted their target price on Toast from $41.00 to $47.00 and gave the stock a "buy" rating in a research report on Thursday, February 20th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $40.38.

About Toast

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.