Shares of financial technology company Toast (NYSE: TOST) dropped 15.5% in September, according to data provided by S&P Global Market Intelligence. The S&P 500 also went down about 5% during the month, so adverse stock market conditions were likely a factor here. But concerns about Toast's leadership also likely came into play in the minds of investors.

On Sept. 5, Toast announced that Chris Comparato -- its CEO since 2015 -- was being replaced by Aman Narang. Considering Narang was the company's chief operating officer and is additionally a co-founder of the company, I don't believe the market was too concerned about this. 

The real concern was insider selling during September. The more prominent drop for Toast stock occurred after multiple insider transactions were reported on Sept. 19.

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Source Fool.com