Lavelle Capital LP Buys Shares of 55,000 Toast, Inc. $TOST

Lavelle Capital LP bought a new stake in shares of Toast, Inc. (NYSE:TOST) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 55,000 shares of the company’s stock, valued at approximately $1,458,000. Toast comprises 0.9% of Lavelle Capital LP’s investment portfolio, making the stock its 24th largest position.

Several other hedge funds and other institutional investors also recently made changes to their positions in TOST. Capelight Capital Asset Management LP purchased a new stake in shares of Toast during the fourth quarter valued at $2,131,000. Robeco Institutional Asset Management B.V. raised its holdings in shares of Toast by 6.3% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 972,230 shares of the company’s stock valued at $34,524,000 after purchasing an additional 57,512 shares during the last quarter. Lecap Asset Management Ltd. raised its holdings in shares of Toast by 206.7% during the fourth quarter. Lecap Asset Management Ltd. now owns 59,123 shares of the company’s stock valued at $2,099,000 after purchasing an additional 39,847 shares during the last quarter. Campbell Capital Management Inc. bought a new position in Toast during the fourth quarter valued at approximately $9,812,000. Finally, Hamilton Lane Advisors LLC bought a new position in Toast during the fourth quarter valued at approximately $15,770,000. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Toast Stock Performance

Shares of NYSE:TOST opened at $32.38 on Friday. The firm has a market cap of $16.71 billion, a price-to-earnings ratio of 49.82 and a beta of 1.74. The firm has a fifty day moving average price of $27.47 and a 200 day moving average price of $27.92. Toast, Inc. has a fifty-two week low of $22.26 and a fifty-two week high of $49.66.

Toast (NYSE:TOST) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.08). The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Toast had a return on equity of 20.86% and a net margin of 6.39%.The firm’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.09 EPS. As a group, research analysts predict that Toast, Inc. will post 0.97 earnings per share for the current year.

Insider Activity

In other news, President Stephen Fredette sold 9,146 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total value of $263,862.10. Following the completion of the sale, the president directly owned 931,449 shares of the company’s stock, valued at $26,872,303.65. This trade represents a 0.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Aman Narang sold 14,365 shares of Toast stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total value of $414,430.25. Following the completion of the transaction, the chief executive officer owned 70,451 shares of the company’s stock, valued at approximately $2,032,511.35. This trade represents a 16.94% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 159,265 shares of company stock worth $4,278,832. 10.03% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. BMO Capital Markets reiterated an “outperform” rating on shares of Toast in a research note on Monday, June 1st. Oppenheimer reaffirmed an “outperform” rating and issued a $36.00 price objective on shares of Toast in a report on Friday, May 8th. The Goldman Sachs Group upgraded Toast from a “neutral” rating to a “buy” rating and set a $36.00 price objective for the company in a research report on Thursday, July 9th. Truist Financial increased their target price on Toast from $30.00 to $33.00 and gave the company a “buy” rating in a report on Friday, July 24th. Finally, Zacks Research cut Toast from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $37.15.

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.