Toast (NYSE:TOST) Posts Quarterly Earnings Results, Misses Estimates By $0.08 EPS

Toast (NYSE:TOST) released its earnings results on Thursday. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08), Zacks reports. Toast had a return on equity of 15.77% and a net margin of 4.68%.

Toast Trading Down 6.7%

NYSE:TOST traded down $1.89 during trading hours on Thursday, hitting $26.13. 24,274,437 shares of the stock traded hands, compared to its average volume of 11,769,151. The firm has a 50 day moving average price of $33.90 and a 200 day moving average price of $37.51. The firm has a market cap of $13.46 billion, a price-to-earnings ratio of 60.77 and a beta of 1.93. Toast has a fifty-two week low of $25.91 and a fifty-two week high of $49.66.

Wall Street Analysts Forecast Growth

TOST has been the topic of several research reports. Wells Fargo & Company raised Toast to a “strong-buy” rating in a report on Wednesday, October 22nd. UBS Group reissued a “buy” rating on shares of Toast in a research note on Thursday, December 18th. Royal Bank Of Canada set a $45.00 target price on Toast in a research report on Wednesday, November 5th. BNP Paribas Exane raised Toast from a “hold” rating to an “outperform” rating and set a $40.00 target price for the company in a report on Monday, December 1st. Finally, Evercore upgraded Toast from an “in-line” rating to an “outperform” rating and set a $40.00 price target for the company in a research report on Tuesday, January 20th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $45.55.

Insiders Place Their Bets

In other Toast news, CEO Aman Narang sold 1,648 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $30.34, for a total transaction of $50,000.32. Following the completion of the sale, the chief executive officer directly owned 340,723 shares in the company, valued at approximately $10,337,535.82. This trade represents a 0.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CRO Jonathan Vassil sold 1,454 shares of Toast stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $30.34, for a total value of $44,114.36. Following the transaction, the executive directly owned 139,893 shares in the company, valued at approximately $4,244,353.62. This trade represents a 1.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 100,856 shares of company stock valued at $3,540,449 over the last quarter. 12.14% of the stock is owned by insiders.

Institutional Trading of Toast

Several institutional investors have recently made changes to their positions in TOST. ValueAct Holdings L.P. purchased a new position in Toast during the third quarter valued at approximately $124,032,000. Worldquant Millennium Advisors LLC boosted its stake in shares of Toast by 343.6% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 1,792,209 shares of the company’s stock valued at $79,377,000 after buying an additional 1,388,210 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Toast by 40.4% during the 4th quarter. Renaissance Technologies LLC now owns 3,453,928 shares of the company’s stock valued at $122,649,000 after acquiring an additional 993,116 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Toast by 24.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 4,343,474 shares of the company’s stock valued at $158,580,000 after acquiring an additional 865,326 shares in the last quarter. Finally, Caisse de depot et placement du Quebec increased its stake in shares of Toast by 91.9% in the third quarter. Caisse de depot et placement du Quebec now owns 1,236,534 shares of the company’s stock worth $45,146,000 after acquiring an additional 592,027 shares during the last quarter. 82.91% of the stock is currently owned by institutional investors and hedge funds.

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.