Stephen Fredette Sells Shares of Toast, Inc. (NYSE:TOST)

On October 9th, 2024, Stephen Fredette, the President of Toast, Inc. (NYSE:TOST), sold 39,768 shares of the company’s stock. The shares were sold at an average price of $29.02, resulting in a total transaction value of $1,154,067.36. After this sale, Fredette now holds a total of 1,795,301 shares in Toast, which are valued at approximately $52.1 million. This sale represents a slight decrease of 0.00% in his overall position.

This transaction was disclosed in a filing with the Securities and Exchange Commission (SEC).

Recent Stock Transactions by Fredette

In addition to the recent sale, Stephen Fredette has engaged in several other stock transactions throughout the month of October and September. On October 2nd, he sold 5,511 shares at an average price of $27.77 for a total of $153,040.47. On September 30th, he sold 812 shares at an average price of $28.28, yielding $22,963.36.

Another significant sale occurred on September 27th, when Fredette sold 181,304 shares at an average price of $28.56, totaling approximately $5.18 million. On September 23rd, he sold 8,057 shares at an average price of $28.02 for $225,757.14. Earlier, on September 20th, he sold 144,238 shares averaging $27.34 with a total value of $3.94 million.

The list of his recent transactions continues with the sale of 800 shares at $27.00 on September 18th, 101,574 shares at $25.73 on September 12th, and a notable 211,686 shares at $23.57 on September 10th.

Current Stock Performance of Toast

On the trading day following the shares sales, Toast, Inc.’s stock opened at $28.34. The company currently has a market capitalization of $12.84 billion, with a price-to-earnings ratio of -56.68 and a beta of 1.76. Over the past year, Toast's stock has seen a low of $13.77 and a high of $29.92. The company's 50-day simple moving average stands at $25.70, while the 200-day simple moving average is $24.99.

Recent Earnings Results

Toast, Inc. announced its latest earnings results on August 6th, where it reported earnings per share (EPS) of $0.02 for the quarter. This result surpassed the expected EPS of ($0.02) by $0.04. The company’s revenues reached $1.24 billion, outpacing analyst predictions of $1.22 billion. Compared to the same quarter in the previous year, where it reported an EPS of ($0.19), the company showed a year-over-year revenue increase of 27.0%.

Analyst Rating Updates

Recent changes in analyst ratings for Toast stocks include a price target increase from JPMorgan Chase & Co. from $25.00 to $28.00, maintaining a “neutral” rating. Morgan Stanley increased their target price from $29.00 to $30.00 with an “overweight” rating. Additionally, Mizuho upgraded the stock from a “neutral” rating to “outperform,” with a target raise to $33.00. Overall, Toast has received a mixed bag of ratings, with analysts rating one as a sell, eight having a hold rating, nine issuing buy ratings, and one rating it as a strong buy, resulting in a consensus rating of “Moderate Buy.” The average target price set by analysts is $28.33.

Institutional Investors' Activity

Institutional investors have also been active in adjusting their holdings of Toast stock. Recently, LRI Investments LLC, West Branch Capital LLC, and Thurston Springer Miller Herd & Titak Inc. have added new positions in Toast. Hedge funds and institutional players currently hold around 82.91% of the company’s stock, indicating strong institutional interest.

Company Overview

Toast, Inc. offers a cloud-based digital technology platform primarily focused on the restaurant sector in the US, Ireland, and India. The company provides a range of software products for restaurant management and point of sale, as well as various hardware solutions like Toast POS systems and mobile order solutions.

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