ARK Investment Management LLC Buys 1,181,409 Shares of Toast, Inc. (NYSE:TOST)

ARK Investment Management LLC increased its holdings in Toast, Inc. (NYSE:TOST) by 101.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,345,520 shares of the company’s stock after purchasing an additional 1,181,409 shares during the quarter. ARK Investment Management LLC owned approximately 0.55% of Toast worth $42,829,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of TOST. Raymond James & Associates grew its stake in shares of Toast by 115.4% in the first quarter. Raymond James & Associates now owns 24,946 shares of the company’s stock worth $542,000 after purchasing an additional 13,364 shares during the last quarter. HighTower Advisors LLC boosted its position in Toast by 78.2% during the 1st quarter. HighTower Advisors LLC now owns 28,356 shares of the company’s stock valued at $616,000 after acquiring an additional 12,446 shares in the last quarter. Citigroup Inc. bought a new stake in Toast during the 1st quarter valued at approximately $438,000. Ergoteles LLC bought a new stake in Toast during the 1st quarter valued at approximately $2,427,000. Finally, First Trust Advisors LP bought a new stake in Toast during the 1st quarter valued at approximately $33,356,000. 82.91% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on TOST shares. Redburn Atlantic raised Toast from a “neutral” rating to a “buy” rating and set a $28.00 price objective on the stock in a research report on Wednesday, February 7th. BNP Paribas raised Toast from a “neutral” rating to an “outperform” rating and set a $30.00 price objective on the stock in a research report on Thursday, March 7th. Bank of America cut Toast from a “buy” rating to a “neutral” rating and cut their price objective for the company from $22.00 to $16.00 in a research report on Wednesday, December 6th. Mizuho reiterated a “neutral” rating and set a $17.00 target price on shares of Toast in a report on Wednesday. Finally, Piper Sandler lifted their target price on shares of Toast from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $22.85.

Toast Trading Down 0.6 %

Shares of TOST opened at $24.33 on Thursday. The firm has a fifty day simple moving average of $21.25 and a two-hundred day simple moving average of $18.57. Toast, Inc. has a 1-year low of $13.77 and a 1-year high of $27.00.

Toast (NYSE:TOST) last announced its earnings results on Thursday, February 15th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.02 billion. Toast had a negative net margin of 6.36% and a negative return on equity of 21.77%. The company’s quarterly revenue was up 34.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.19) EPS. As a group, analysts forecast that Toast, Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Brian R. Elworthy sold 1,722 shares of the business’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $17.39, for a total transaction of $29,945.58. Following the completion of the sale, the general counsel now owns 383,188 shares of the company’s stock, valued at approximately $6,663,639.32. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CRO Jonathan Vassil sold 1,765 shares of the company’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $17.39, for a total value of $30,693.35. Following the completion of the transaction, the executive now owns 20,938 shares of the company’s stock, valued at approximately $364,111.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Brian R. Elworthy sold 1,722 shares of the company’s stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $17.39, for a total transaction of $29,945.58. Following the completion of the transaction, the general counsel now directly owns 383,188 shares of the company’s stock, valued at approximately $6,663,639.32. The disclosure for this sale can be found here. Insiders sold a total of 359,444 shares of company stock valued at $7,276,642 in the last 90 days. Company insiders own 13.70% 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.