Armistice Capital LLC Sells 58,283 Shares of Toast, Inc. $TOST

Armistice Capital LLC lessened its holdings in Toast, Inc. (NYSE:TOST) by 20.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 227,753 shares of the company’s stock after selling 58,283 shares during the period. Armistice Capital LLC’s holdings in Toast were worth $8,088,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Capital International Investors raised its stake in shares of Toast by 7.4% in the third quarter. Capital International Investors now owns 48,428,060 shares of the company’s stock valued at $1,768,256,000 after acquiring an additional 3,351,545 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Toast by 0.8% in the third quarter. Vanguard Group Inc. now owns 44,764,157 shares of the company’s stock valued at $1,634,339,000 after purchasing an additional 352,435 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Toast by 1.0% in the fourth quarter. Jennison Associates LLC now owns 15,157,955 shares of the company’s stock valued at $538,259,000 after purchasing an additional 157,394 shares in the last quarter. Morgan Stanley lifted its stake in shares of Toast by 6.7% in the 4th quarter. Morgan Stanley now owns 10,372,626 shares of the company’s stock valued at $368,332,000 after purchasing an additional 653,487 shares during the period. Finally, State Street Corp lifted its stake in shares of Toast by 3.0% in the 4th quarter. State Street Corp now owns 9,820,594 shares of the company’s stock valued at $348,729,000 after purchasing an additional 282,282 shares during the period. Institutional investors and hedge funds own 82.91% of the company’s stock.

Insider Activity at Toast

In related news, General Counsel Brian R. Elworthy sold 108,000 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $25.89, for a total transaction of $2,796,120.00. Following the sale, the general counsel owned 189,642 shares in the company, valued at approximately $4,909,831.38. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Jonathan Vassil sold 6,438 shares of the stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total transaction of $168,611.22. Following the sale, the executive owned 146,618 shares in the company, valued at $3,839,925.42. This represents a 4.21% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 147,783 shares of company stock valued at $3,838,037. 10.03% of the stock is currently owned by company insiders.

Toast Trading Down 2.6%

Shares of TOST opened at $24.43 on Thursday. Toast, Inc. has a 12 month low of $22.26 and a 12 month high of $49.66. The firm’s 50 day moving average is $25.87 and its 200-day moving average is $29.36. The stock has a market capitalization of $12.60 billion, a PE ratio of 37.58 and a beta of 1.76.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Loop Capital assumed coverage on Toast in a research note on Tuesday, March 31st. They issued a “hold” rating and a $26.00 price target on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Toast in a research report on Wednesday, May 20th. Mizuho reduced their price objective on shares of Toast from $45.00 to $38.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Zacks Research upgraded shares of Toast from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 26th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $36.00 target price on shares of Toast in a report on Friday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $37.62.

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.