Mirae Asset Global Investments Co. Ltd. Lowers Stock Holdings in Toast, Inc. (NYSE:TOST)

Mirae Asset Global Investments Co. Ltd. lowered its stake in shares of Toast, Inc. (NYSE:TOST) by 37.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,807 shares of the company’s stock after selling 1,092 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Toast were worth $51,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. West Branch Capital LLC acquired a new stake in Toast in the second quarter valued at about $26,000. LRI Investments LLC acquired a new stake in Toast in the first quarter valued at about $27,000. Toth Financial Advisory Corp acquired a new stake in Toast in the third quarter valued at about $28,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Toast in the second quarter valued at about $33,000. Finally, 1620 Investment Advisors Inc. acquired a new stake in Toast in the second quarter valued at about $34,000. Institutional investors and hedge funds own 82.91% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on TOST. Needham & Company LLC restated a “buy” rating and issued a $30.00 price objective on shares of Toast in a research report on Wednesday, August 7th. JPMorgan Chase & Co. lifted their price target on shares of Toast from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Stephens lifted their price target on shares of Toast from $28.00 to $30.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Mizuho upgraded shares of Toast from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $21.00 to $33.00 in a research report on Thursday, July 18th. Finally, The Goldman Sachs Group lifted their price target on shares of Toast from $29.00 to $33.00 and gave the company a “buy” rating in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Toast presently has an average rating of “Moderate Buy” and an average target price of $29.30.

Toast Stock Performance

TOST stock opened at $30.81 on Wednesday. The stock has a market capitalization of $14.20 billion, a P/E ratio of -106.24 and a beta of 1.74. Toast, Inc. has a one year low of $13.77 and a one year high of $31.57. The company has a 50 day moving average price of $27.61 and a two-hundred day moving average price of $25.77.

Toast (NYSE:TOST) last released its earnings results on Tuesday, August 6th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Toast had a negative net margin of 3.10% and a negative return on equity of 11.27%. Toast’s revenue for the quarter was up 27.0% on a year-over-year basis. During the same period in the previous year, the company earned ($0.19) EPS. Research analysts forecast that Toast, Inc. will post -0.1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Elena Gomez sold 1,917 shares of the business’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $31.08, for a total transaction of $59,580.36. Following the completion of the sale, the chief financial officer now directly owns 159,615 shares of the company’s stock, valued at $4,960,834.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Elena Gomez sold 1,917 shares of the company’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $31.08, for a total transaction of $59,580.36. Following the completion of the sale, the chief financial officer now directly owns 159,615 shares in the company, valued at $4,960,834.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, President Stephen Fredette sold 211,686 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $23.57, for a total value of $4,989,439.02. Following the sale, the president now owns 2,638,023 shares of the company’s stock, valued at approximately $62,178,202.11. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,375,651 shares of company stock valued at $38,150,212. Company insiders own 13.32% of the company’s stock.

About Toast

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.